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4. Net Earnings Per Share

3 Months Ended

Mar. 31, 2018

Net earnings per share is based on the weighted average number of shares outstanding during the period while the effects of potential shares outstanding during the period are included in diluted earnings per share. The average market price during the year is used to compute equivalent shares.

The reconciliation of the amounts used in the computation of both “basic earnings per share” and “diluted earnings per share” for the three months ended March 31, 2018 and 2017 is as follows:

For the three months ended March 31, 2018
	Net Earnings (Dollars in thousands)		Weighted Average Number of Shares		Per Share Amount
Basic earnings per share	$	3,303		5,995,256	$	0.55
Effect of dilutive securities:
Restricted stock units		-		17,000
Diluted earnings per share	$	3,303		6,012,256	$	0.55

For the three months ended March 31, 2017
	Net Earnings (Dollars in thousands)		Weighted Average Number of Shares		Per Share Amount
Basic earnings per share	$	2,205		5,970,006	$	0.37
Effect of dilutive securities:
Restricted stock units		-		92,140
Diluted earnings per share	$	2,205		6,062,146	$	0.36

In November 2017, the Board of Directors of the Company declared a cash dividend in the amount of $0.12 per share and a 10% stock dividend. The cash dividend was paid based on the number of shares held by shareholders on the record date of December 4, 2017. As a result of the stock dividend, each shareholder received one new share of stock for every ten shares of stock they held as of the record date of December 4, 2017. The payable date for the cash dividend and stock dividend was December 15, 2017. All previously reported per share amounts have been restated to reflect this stock dividend.