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Earnings per Share
 6 Months Ended
Jun. 30, 2021
Earnings per Share  
Earnings per Share

(11)   Earnings per Share

Stock Dividend

On July 1, 2021, the Company paid a special stock dividend of 4% to common shareholders of record at the close of business on June 15, 2021. For all periods presented, share information, including basic and diluted earnings per share, has been adjusted retroactively to reflect this change.

Basic earnings per share is computed by dividing income available to shareholders by the weighted average number of shares outstanding during the year. Diluted earnings per share gives effect to all dilutive potential shares that were outstanding during the year.

Presented below is a summary of the components used to calculate basic and diluted earnings per common share, which have been restated for all stock dividends:

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Three Months Ended June 30, 

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Six Months Ended June 30, 

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(dollars in thousands, except per share data)

    

2021

    

2020

    

2021

    

2020

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Basic earnings per share:

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Net income available to shareholders

​

$

4,892

​

$

3,282

​

$

10,731

​

$

4,150

​

Average shares outstanding

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6,616,975

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​

6,740,147

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6,617,171

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6,752,418

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Basic earnings per share

​

$

0.74

​

$

0.49

​

$

1.62

​

$

0.61

​

Diluted earnings per share:

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income available to shareholders

​

$

4,892

​

$

3,282

​

$

10,731

​

$

4,150

​

Average shares outstanding

​

 

6,616,975

​

 

6,740,147

​

 

6,617,171

​

 

6,752,418

​

Diluted earnings per share

​

$

0.74

​

​

0.49

​

$

1.62

​

​

0.61

​

​

Repurchase Program

In 2019, the Company's Board of Directors authorized the purchase of up to $5.0 million market value of the Company's common stock. Management was given discretion to determine the number and pricing of the shares to be purchased, as well as the timing of any such purchases. The Company repurchased 117,632 shares at an average cost of $18.26 per share totaling $2.1 million during the first quarter of 2021.

During the second quarter of 2021, the Company's Board of Directors reauthorized the purchase of up to $5.0 million market value of the Company's common stock under the 2019 authorization. There were no shares repurchased during the second quarter of 2021. As of June 30, 2021, $5.0 million remained available for the repurchase of shares pursuant to the share repurchase authorization.