Earnings per Share

6 Months Ended

Jun. 30, 2022

Note 3 – Earnings per Share

The following table sets forth the computation of earnings per share.

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Net income applicable to common stock	$	6,901,000	$	6,647,000	$	13,641,000	$	15,110,000

Basic earnings per share computation
Weighted average common shares outstanding		3,973,402		3,983,274		3,969,621		3,984,970
Earnings per share - basic	$	1.74	$	1.67	$	3.43	$	3.79

Diluted earnings per share computation
Weighted average common shares outstanding for basic earnings per share		3,973,402		3,983,274		3,969,621		3,984,970
Add: Dilutive effects of restricted stock		15		72		104		35
Weighted average common shares outstanding for dilutive earnings per share		3,973,417		3,983,346		3,969,725		3,985,005
Earnings per share - diluted	$	1.74	$	1.67	$	3.43	$	3.79

For the three months ended June 30, 2022 and 2021, there were 3,121 and 2,479 shares, respectively, related to the restricted stock plan that were excluded from the diluted earnings per share calculations since they were anti-dilutive. These anti-dilutive shares had per share prices ranging from $57.36-$67.85 for the three month period ended June 30, 2022 and per share prices ranging from $51.14-$62.33 for the three month period ended June 30, 2021. For the six months ended June 30, 2022 and 2021, 6,264 and 2,401 shares, respectively, related to the restricted stock plan were excluded from the diluted earnings per share calculations since they were anti-dilutive. These anti-dilutive shares had prices ranging from $51.14-$67.85 for the six month period ended June 30, 2022 and prices ranging from $51.14-$62.33 for the six month period ended June 30, 2021.