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EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2019

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				Nine Months Ended
(Dollars in thousands, except per share data)	September 30,				September 30,
	2019		2018		2019		2018
Basic Earnings Per Share
Net income available to common shareholders	$	1,021	$	2,014	$	4,144	$	5,505

Weighted average common shares outstanding		3,633,474		3,613,516		3,626,961		3,613,891

Basic earnings per share	$	0.28	$	0.55	$	1.14	$	1.52

Diluted Earnings Per Share
Net income available to common shareholders	$	1,021	$	2,014	$	4,144	$	5,505

Weighted average common shares outstanding		3,633,474		3,613,516		3,626,961		3,613,891
Plus dilutive stock options and restricted stock units		23,964		16,535		19,870		13,497

Weighted average common shares outstanding and potentially dilutive shares		3,657,438		3,630,051		3,646,831		3,627,388

Diluted earnings per share	$	0.28	$	0.55	$	1.14	$	1.52

There were no stock options that were considered to be anti-dilutive to earnings for the three months ended September 30, 2019 and 13,500 that were considered to be anti-dilutive to earnings for the nine months ended September 30, 2019 and were excluded from the calculation above. There were no stock options that were considered to be anti-dilutive to earnings per share for the three or nine months ended September 30, 2018.

All share and 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.