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Note 4 - Earnings Per Share

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

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 share data)		September 30,								September 30,
		2021				2020				2021				2020
Basic
Net income		$	5,749			$	3,829			$	17,029			$	11,513

Weighted average common shares outstanding			7,621,423				7,783,005				7,730,135				7,429,765

Basic earnings per common shares		$	0.75			$	0.49			$	2.20			$	1.55

Diluted
Net income		$	5,749			$	3,829			$	17,029			$	11,513

Weighted average common shares outstanding			7,621,423				7,783,005				7,730,135				7,429,765
Plus dilutive stock options and restricted stock units			12,644				7,460				13,766				7,888

Weighted average common shares outstanding and potentially dilutive shares			7,634,067				7,790,465				7,743,901				7,437,653

Diluted earnings per common share		$	0.75			$	0.49			$	2.20			$	1.55

There were 15,000 stock options that were considered anti-dilutive to earnings per share for the three and nine months ended September 30, 2021. There were no stock options that were considered to be anti-dilutive to earnings per share for the three and nine months ended September 30, 2020. There were no restricted stock units that were considered anti-dilutive to earnings per share during either the three months or nine months ended September 30, 2021 or September 30, 2020.