Earnings Per Share

3 Months Ended

Mar. 31, 2020

Earnings per share of common stock are based on the weighted-average number of basic shares and dilutive shares outstanding during the period.

The following is a reconciliation of the weighted-average common shares for the basic and diluted earnings per share computations for the three months ended March 31, 2020 and 2019.



(dollars in thousands, except per share data)	Three Months Ended March 31,
	2020		2019
Basic earnings per share
Net income	$	6,019	$	5,696
Weighted-average common shares	9,721,485		10,217,637
Basic earnings per common share	$	0.62	$	0.56
Diluted earnings per share
Net income	$	6,019	$	5,696
Weighted-average common shares	9,721,485		10,217,637
Dilutive effect of equity compensation	29,043		12,894
Weighted-average common and incremental shares	9,750,528		10,230,531
Diluted earnings per common share ⁽¹⁾	$	0.62	$	0.56

⁽¹⁾ Potential dilutive common shares are excluded from the computation of diluted EPS in the periods where the effect would be antidilutive. Excluded from the computation of diluted EPS were weighted-average antidilutive shares totaling 8,575 and 45,565 for the three months ended March 31, 2020 and 2019, respectively.