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Earnings Per Share

6 Months Ended

Jun. 30, 2017

5. Earnings per Share

Basic earnings per share have been computed based upon the weighted average number of common shares outstanding during each period. Diluted earnings per share include the effect of all potential common shares outstanding during each period. The shares used in the calculation of basic and diluted earnings per share are shown below:

	Three months ended				Six months ended
(Dollars in thousands, except per share amounts)	June 30				June 30
	2017		2016		2017		2016
Net earnings(1)	$	2,383	$	2,326	$	4,588	$	4,719

Weighted average common shares outstanding - basic (2)		3,870,564		3,794,355		3,870,183		3,764,497
Assumed exercise of stock options (1)(2)		80,087		91,322		79,086		89,751
Weighted average common shares outstanding - diluted (1)(2)		3,950,651		3,885,677		3,949,269		3,854,248
Net earnings per share (1)(2):
Basic	$	0.62	$	0.61	$	1.19	$	1.25
Diluted	$	0.60	$	0.60	$	1.16	$	1.22

(1)	Net earnings, earnings per share and assumed exercise of stock options for the periods ended June 30, 2016 have been recast to reflect the early adoption of ASU 2016-09.
(2)	Share and per share values for the periods ended June 30, 2016 have been adjusted to give effect to the 5% stock dividend paid during December 2016.

The diluted earnings per share computations for the three and six months ended June 30, 2017 and 2016 include all unexercised stock options because no stock options were anti-dilutive during such periods.