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Earnings Per Share

3 Months Ended

Mar. 31, 2019

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 diluted earnings per share computations for the three months ended March 31, 2019 and 2018 excluded 30,859 unexercised stock options because their inclusion would have been anti-dilutive during such periods. The shares used in the calculation of basic and diluted earnings per share are shown below:

	Three months ended
(Dollars in thousands, except per share amounts)	March 31,
	2019		2018
Net earnings	$	2,183	$	2,099

Weighted average common shares outstanding - basic (1)		4,372,116		4,313,203
Assumed exercise of stock options (1)		14,177		45,328
Weighted average common shares outstanding - diluted (1)		4,386,293		4,358,531
Net earnings per share (1):
Basic	$	0.50	$	0.49
Diluted	$	0.50	$	0.48

(1)

Share and per share values for the period ended March 31, 2018 have been adjusted to give effect to the 5% stock dividend paid during December 2018.