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Computation of Earnings Per Common Share
 9 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
Computation of Earnings Per Common Share
Computation of Earnings Per Common Share
Basic earnings per common share represents income available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes additional common shares that would have been outstanding if dilutive potential common shares had been issued. Potential common shares that may be issued relate solely to outstanding shares in the Directors Plan.
Earnings per common share have been computed based on the following for the:
 
Three Months Ended 
 September 30
 
Nine Months Ended 
 September 30

2019
 
2018
 
2019
 
2018
Average number of common shares outstanding for basic calculation
7,925,332

 
7,851,448

 
7,904,568

 
7,876,941

Average potential effect of common shares in the Directors Plan (1)
181,536

 
200,597

 
186,720

 
199,488

Average number of common shares outstanding used to calculate diluted earnings per common share
8,106,868

 
8,052,045

 
8,091,288

 
8,076,429

Net income
$
4,442

 
$
3,696

 
$
12,126

 
$
10,491

Earnings per common share
 
 
 
 
 
 
 
Basic
$
0.56

 
$
0.47

 
$
1.53

 
$
1.33

Diluted
$
0.55

 
$
0.46

 
$
1.50

 
$
1.30

(1) 
Exclusive of shares held in the Rabbi Trust