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Computation of Earnings Per Common Share (Tables) | 9 Months Ended
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Sep. 30, 2020
Earnings Per Share [Abstract] |
Computation of earnings per common share | Earnings per common share have been computed based on the following for the:
| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2020 |  | 2019 |  | 2020 |  | 2019
Average number of common shares outstanding for basic calculation | 7,966,811 |  |  | 7,925,332 |  |  | 7,945,762 |  |  | 7,904,568 |
Average potential effect of common shares in the Directors Plan (1) | 144,472 |  |  | 181,536 |  |  | 151,040 |  |  | 186,720 |
Average number of common shares outstanding used to calculate diluted earnings per common share | 8,111,283 |  |  | 8,106,868 |  |  | 8,096,802 |  |  | 8,091,288 |
Net income | $ | 4,357 |  |  | $ | 4,442 |  |  | $ | 11,608 |  |  | $ | 12,126 |
Earnings per common share |  |  |  |  |  |  |
Basic | $ | 0.55 |  |  | $ | 0.56 |  |  | $ | 1.46 |  |  | $ | 1.53 |
Diluted | $ | 0.54 |  |  | $ | 0.55 |  |  | $ | 1.43 |  |  | $ | 1.50 |
(1)Exclusive of shares held in the Rabbi Trust

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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details
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