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4. Net Earnings Per Share

9 Months Ended

Sep. 30, 2019

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, 2019 and 2018 is as follows:

For the three months ended September 30, 2019

	Net Earnings (Dollars in thousands)		Weighted Average Number of Shares		Per Share Amount
Basic earnings per share	$	3,621		5,919,322	$	0.62
Effect of dilutive securities:
Restricted stock units		-		25,883
Diluted earnings per share	$	3,621		5,945,205	$	0.61

For the nine months ended September 30, 2019

	Net Earnings (Dollars in thousands)		Weighted Average Number of Shares		Per Share Amount
Basic earnings per share	$	11,101		5,951,840	$	1.87
Effect of dilutive securities:
Restricted stock units		-		24,908
Diluted earnings per share	$	11,101		5,976,748	$	1.86

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