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Earnings Per Share

9 Months Ended

Sep. 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:

	Three months ended				Nine months ended
(Dollars in thousands, except per share amounts)	September 30,				September 30,
	2019		2018		2019		2018
Net earnings (1)	$	2,613	$	3,020	$	7,394	$	7,964

Weighted average common shares outstanding - basic (1)		4,374,344		4,365,917		4,372,867		4,342,896
Assumed exercise of stock options (1)		14,924		17,846		14,503		17,140
Weighted average common shares outstanding - diluted (1)		4,389,268		4,383,763		4,387,370		4,360,036
Net earnings per share (1):
Basic	$	0.60	$	0.69	$	1.69	$	1.83
Diluted	$	0.60	$	0.69	$	1.69	$	1.83

(1)	Share and per share values for the periods ended September 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 September 30, 2019 and 2018 excluded 95,264 and 30,859, respectively, of unexercised stock options because their inclusion would have been anti-dilutive during such periods. The diluted earnings per share computations for the nine months ended September 30, 2019 and 2018 excluded 95,264 and 30,859, respectively, of unexercised stock options because their inclusion would have been anti-dilutive during such periods.