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Net Earnings Per Share | 9 Months Ended
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Sep. 30, 2022
Net Earnings Per Share |
Net Earnings Per Share | (4) Net Earnings Per Share 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 applicable period 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, 2022 and 2021 is as follows:
For the three months ended September 30, 2022 |  |  |  |  |  |  |  |  |
|  | Net Earnings (Dollars in thousands) |  |  | Weighted Average Number of Shares |  |  | Per Share Amount |
Basic earnings per share |  | $ | 5,307 |  |  |  | 5,473,443 |  |  | $ | 0.96 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Restricted stock units - unvested |  |  |  |  |  |  | 17,188 |  |  |  |  |
Shares held in deferred comp plan |  |  |  |  |  |  |  |  |  |  |  |
by deferred compensation trust |  |  |  |  |  |  | 166,937 |  |  |  |  |
Diluted earnings per share |  | $ | 5,307 |  |  |  | 5,657,568 |  |  | $ | 0.93 |
For the nine months ended September 30, 2022 |  |  |  |  |  |  |  |  |
|  | Net Earnings (Dollars in thousands) |  |  | Weighted Average Number of Shares |  |  | Per Share Amount |
Basic earnings per share |  | $ | 11,976 |  |  |  | 5,484,063 |  |  | $ | 2.18 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Restricted stock units - unvested |  |  |  |  |  |  | 15,090 |  |  |  |  |
Shares held in deferred comp plan |  |  |  |  |  |  |  |  |  |  |  |
by deferred compensation trust |  |  |  |  |  |  | 165,041 |  |  |  |  |
Diluted earnings per share |  | $ | 11,976 |  |  |  | 5,664,194 |  |  | $ | 2.11 |
For the three months ended September 30, 2021 |  |  |  |  |  |  |  |  |
|  | Net Earnings (Dollars in thousands) |  |  | Weighted Average Number of Shares |  |  | Per Share Amount |
Basic earnings per share |  | $ | 3,390 |  |  |  | 5,544,596 |  |  | $ | 0.61 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Restricted stock units - unvested |  |  | - |  |  |  | 14,690 |  |  |  |  |
Shares held in deferred comp plan |  |  |  |  |  |  |  |  |  |  |  |
by deferred compensation trust |  |  |  |  |  |  | 159,797 |  |  |  |  |
Diluted earnings per share |  | $ | 3,390 |  |  |  | 5,719,083 |  |  | $ | 0.59 |
For the nine months ended September 30, 2021 |  |  |  |  |  |  |  |  |
|  | Net Earnings (Dollars in thousands) |  |  | Weighted Average Number of Shares |  |  | Per Share Amount |
Basic earnings per share |  | $ | 12,126 |  |  |  | 5,601,879 |  |  | $ | 2.16 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Restricted stock units - unvested |  |  | - |  |  |  | 13,190 |  |  |  |  |
Shares held in deferred comp plan |  |  |  |  |  |  |  |  |  |  |  |
by deferred compensation trust |  |  |  |  |  |  | 158,039 |  |  |  |  |
Diluted earnings per share |  | $ | 12,126 |  |  |  | 5,773,108 |  |  | $ | 2.10 |

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