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PER SHARE DATA

6 Months Ended

Jun. 30, 2020

3. PER SHARE DATA

Basic earnings per common share are calculated using the two-class method to determine income attributable to common shareholders. Unvested restricted stock awards that contain nonforfeitable rights to dividends are considered participating securities under the two-class method. Distributed dividends and an allocation of undistributed net income to participating securities reduce the amount of income attributable to common shareholders. Income attributable to common shareholders is then divided by weighted-average common shares outstanding for the period to determine basic earnings per common share.

Diluted earnings per common share are calculated under the more dilutive of either the treasury method or the two-class method. Diluted earnings per common share is computed using weighted-average common shares outstanding, plus weighted-average common shares available from the exercise of all dilutive stock options, less the number of shares that could be repurchased with the proceeds of stock option exercises based on the average share price of the Corporation’s common stock during the period.


(In Thousands, Except Share and Per Share Data)	3 Months Ended				6 Months Ended
	June 30,		June 30,		June 30,		June 30,
	2020		2019		2020		2019
Basic
Net income	$	5,438	$	3,649	$	9,604	$	8,739
Less: Dividends and undistributed earnings allocated to participating securities		(33)		(19)		(54)		(46)
Net income attributable to common shares	$	5,405	$	3,630	$	9,550	$	8,693
Basic weighted-average common shares outstanding		13,710,118		13,597,848		13,697,617		12,956,916
Basic earnings per common share (a)	$	0.39	$	0.27	$	0.70	$	0.67
Diluted
Net income attributable to common shares	$	5,405	$	3,630	$	9,550	$	8,693
Basic weighted-average common shares outstanding		13,710,118		13,597,848		13,697,617		12,956,916
Dilutive effect of potential common stock arising from stock options		2,269		25,106		8,116		25,445
Diluted weighted-average common shares outstanding		13,712,387		13,622,954		13,705,733		12,982,361
Diluted earnings per common share (a)	$	0.39	$	0.27	$	0.70	$	0.67
Weighted-average nonvested restricted shares outstanding		88,514		70,366		77,093		68,016

(a)	Basic and diluted earnings per share under the two-class method are determined on net income reported on the consolidated statements of income, less earnings allocated to non-vested restricted shares with nonforfeitable dividends (participating securities).

Anti-dilutive stock options are excluded from net income per share calculations. Weighted-average common shares available from anti-dilutive instruments totaled 39,012 shares in the three-month period ended June 30, 2020 and 19,506 shares in the six-month period ended June 30, 2020. There were no anti-dilutive instruments in the three-month and six-month periods ended June 30, 2019.