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Earnings Per Share

6 Months Ended

Jun. 30, 2018

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,
	2018		2017		2018		2017
Net earnings(1)	$	2,845	$	2,383	$	4,944	$	4,588

Weighted average common shares outstanding - basic (1)		4,141,894		4,064,092		4,124,947		4,063,692
Assumed exercise of stock options (1)		18,693		84,092		18,544		83,040
Weighted average common shares outstanding - diluted (1)		4,160,587		4,148,184		4,143,491		4,146,732
Net earnings per share (1):
Basic	$	0.69	$	0.59	$	1.20	$	1.13
Diluted	$	0.68	$	0.58	$	1.19	$	1.11

(1)	Share and per share values for the periods ended June 30, 2017 have been adjusted to give effect to the 5% stock dividend paid during December 2017.

The diluted earnings per share computations for the three and six months ended June 30, 2018 and 2017 include all unexercised stock options because no stock options were anti-dilutive during such periods.