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Earnings per Share
 9 Months Ended
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:

 

 

(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.