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Computation of Earnings Per Common Share
 6 Months Ended
Jun. 30, 2020
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 
 June 30
 
Six Months Ended 
 June 30

2020
 
2019
 
2020
 
2019
Average number of common shares outstanding for basic calculation
7,924,318

 
7,910,512

 
7,927,298

 
7,895,610

Average potential effect of common shares in the Directors Plan (1)
144,430

 
179,364

 
154,177

 
189,355

Average number of common shares outstanding used to calculate diluted earnings per common share
8,068,748

 
8,089,876

 
8,081,475

 
8,084,965

Net income
$
4,187

 
$
4,188

 
$
7,251

 
$
7,684

Earnings per common share
 
 
 
 
 
 
 
Basic
$
0.53

 
$
0.53

 
$
0.91

 
$
0.97

Diluted
$
0.52

 
$
0.52

 
$
0.90

 
$
0.95

(1) 
Exclusive of shares held in the Rabbi Trust