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Earnings per Share | 9 Months Ended
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Sep. 30, 2020
Earnings per share: |
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 September 30, 2020 and 2019 excluded 100,039 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, 2020 and 2019 excluded 100,039 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: Schedule of Earnings Per Share, Basic and Diluted
(Dollars in thousands, except per share amounts) |  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Net earnings |  | $ | 5,427 |  |  | $ | 2,613 |  |  | $ | 13,890 |  |  | $ | 7,394 |
Weighted average common shares outstanding - basic (1) |  |  | 4,504,953 |  |  |  | 4,593,061 |  |  |  | 4,526,769 |  |  |  | 4,591,510 |
Assumed exercise of stock options (1) |  |  | 17,037 |  |  |  | 15,670 |  |  |  | 17,868 |  |  |  | 15,229 |
Weighted average common shares outstanding - diluted (1) |  |  | 4,521,990 |  |  |  | 4,608,731 |  |  |  | 4,544,637 |  |  |  | 4,606,739 |
Net earnings per share (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 1.21 |  |  | $ | 0.57 |  |  | $ | 3.07 |  |  | $ | 1.61 |
Diluted |  | $ | 1.20 |  |  | $ | 0.57 |  |  | $ | 3.06 |  |  | $ | 1.61 |
(1) | Share and per share values for the periods ended September 30, 2019 have been adjusted to give effect to the 5% stock dividend paid during December 2019.

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