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Computation of Earnings Per Common Share (Tables) | 12 Months Ended
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Dec. 31, 2020
Earnings Per Share [Abstract] |
Computation of earnings per common share | Earnings per common share have been computed based on the following for the years ended December 31:
| 2020 |  | 2019 |  | 2018
Average number of common shares outstanding for basic calculation | 7,959,705 |  |  | 7,909,794 |  |  | 7,872,077 |
Average potential effect of common shares in the Directors Plan (1) | 143,878 |  |  | 185,248 |  |  | 200,771 |
Average potential effect of common shares in the RSP | 2,508 |  |  | — |  |  | — |
Average number of common shares outstanding used to calculate diluted earnings per common share | 8,106,091 |  |  | 8,095,042 |  |  | 8,072,848 |
Net income | $ | 10,885 |  |  | $ | 13,024 |  |  | $ | 14,021 |
Earnings per common share |  |  |  |  |
Basic | $ | 1.37 |  |  | $ | 1.65 |  |  | $ | 1.78 |
Diluted | $ | 1.34 |  |  | $ | 1.61 |  |  | $ | 1.74 |
(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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