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Earnings Per Share

6 Months Ended

Jun. 30, 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 shares used in the calculation of basic and diluted earnings per share are shown below:


(Dollars in thousands, except per share amounts)	Three months ended June 30,				Six months ended June 30,
	2019		2018		2019		2018
Net earnings(1)	$	2,598	$	2,845	$	4,781	$	4,944

Weighted average common shares outstanding - basic (1)		4,372,116		4,348,989		4,372,116		4,331,194
Assumed exercise of stock options (1)		14,728		19,627		14,296		19,472
Weighted average common shares outstanding - diluted (1)		4,386,844		4,368,616		4,386,412		4,350,666
Net earnings per share (1):
Basic	$	0.59	$	0.65	$	1.09	$	1.14
Diluted	$	0.59	$	0.65	$	1.09	$	1.14

(1) Share and per share values for the periods ended June 30, 2018 have been adjusted to give effect to the 5% stock dividend paid during December 2018.

The diluted earnings per share computations for the three months ended June 30, 2019 and 2018 excluded 30,859 of unexercised stock options because their inclusion would have been anti-dilutive during such periods. The diluted earnings per share computations for the six months ended June 30, 2019 and 2018 excluded 30,859 of unexercised stock options because their inclusion would have been anti-dilutive during such periods.