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Earnings Per Share
 3 Months Ended
Mar. 31, 2020
Earnings per share (1):  
Earnings Per Share

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, 2020 and 2019 excluded 100,039 and 32,408, respectively, of 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,  
    2020     2019  
Net earnings   $ 3,363     $ 2,183  
                 
Weighted average common shares outstanding - basic (1)     4,579,592       4,590,722  
Assumed exercise of stock options (1)     18,211       14,886  
Weighted average common shares outstanding - diluted (1)     4,597,803       4,605,608  
Earnings per share (1):                
Basic   $ 0.73     $ 0.47  
Diluted   $ 0.73     $ 0.47  

 

  (1) Share and per share values for the period ended March 31, 2019 have been adjusted to give effect to the 5% stock dividend paid during December 2019.