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EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2018

NOTE 4 - EARNINGS PER SHARE

Earnings per share are based on the weighted average number of shares outstanding during the period. A computation of basic earnings per share and diluted earnings per share follows:

	Three Months Ended				Six Months Ended
(Dollars in thousands, except per share data)	June 30,				June 30,
	2018		2017		2018		2017
Basic Earnings Per Share
Net income available to common shareholders	$	1,833	$	1,635	$	3,491	$	3,081

Weighted average common shares outstanding		3,613,398		3,622,290		3,614,197		3,618,729

Basic earnings per share	$	0.51	$	0.45	$	0.97	$	0.85

Diluted Earnings Per Share
Net income available to common shareholders	$	1,833	$	1,635	$	3,491	$	3,081

Weighted average common shares outstanding		3,613,398		3,622,290		3,614,197		3,618,729
Plus dilutive stock options and restricted stock units		12,550		4,049		10,463		3,482

Weighted average common shares outstanding and potentially dilutive shares		3,625,948		3,626,339		3,624,660		3,622,211

Diluted earnings per share	$	0.50	$	0.45	$	0.96	$	0.85

There were no stock options that were considered to be anti-dilutive to earnings per share for the three months ended June 30, 2018. There were 15,000 options that were considered to be anti-dilutive to earnings per share for the six months ended June 30, 2018 and were excluded from the calculation above.

There were 31,500 stock options that were considered to be anti-dilutive for the three months ended June 30, 2017 and there were 47,250 stock options that were considered to be anti-dilutive for the six months ended June 30, 2017. These stock options have been excluded from the calculation of diluted earnings above.

All per share amounts have been adjusted for the 5% stock dividend issued on May 31, 2018 and the 5% stock dividend issued on May 31, 2017, where applicable.