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4. Net Earnings Per Share

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2018 and 2017 is as follows:

For the three months ended September 30, 2018
	Net Earnings (Dollars in thousands)		Weighted Average Number of Shares		Per Share Amount
Basic earnings per share	$	3,467		5,995,256	$	0.58
Effect of dilutive securities:
Restricted stock units		—		21,445
Diluted earnings per share	$	3,467		6,016,701	$	0.57

For the nine months ended September 30, 2018
	Net Earnings (Dollars in thousands)		Weighted Average Number of Shares		Per Share Amount
Basic earnings per share	$	9,946		5,995,256	$	1.66
Effect of dilutive securities:
Restricted stock units		—		19,137
Diluted earnings per share	$	9,946		6,014,393	$	1.65

For the three months ended September 30, 2017
	Net Earnings (Dollars in thousands)		Weighted Average Number of Shares		Per Share Amount
Basic earnings per share	$	3,242		5,995,453	$	0.54
Effect of dilutive securities:
Restricted stock units		—		96,339
Diluted earnings per share	$	3,242		6,091,792	$	0.52

For the nine months ended September 30, 2017
	Net Earnings (Dollars in thousands)		Weighted Average Number of Shares		Per Share Amount
Basic earnings per share	$	8,258		5,985,051	$	1.38
Effect of dilutive securities:
Restricted stock units		—		94,566
Diluted earnings per share	$	8,258		6,079,616	$	1.35

In November 2017, the Board of Directors of the Company declared a 10% stock dividend. 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 stock dividend was December 15, 2017. All previously reported per share amounts have been restated to reflect this stock dividend.