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Earnings per Share
 3 Months Ended
Mar. 31, 2021
Earnings per share (1):  
Earnings per Share

6. 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 computation for the three months ended March 31, 2021 included all unexercised stock options because no stock options were anti-dilutive during such period. The diluted earnings per share computation for the three months ended March 31, 2020 excluded 105,041 of unexercised stock options because their inclusion would have been anti-dilutive during such period. The shares used in the calculation of basic and diluted earnings per share are shown below:

 

   2021   2020 
   Three months ended 
(Dollars in thousands, except per share amounts)  March 31, 
   2021   2020 
Net earnings  $5,367   $3,363 
           
Weighted average common shares outstanding - basic (1)   4,752,864    4,808,572 
Assumed exercise of stock options (1)   6,634    19,121 
Weighted average common shares outstanding - diluted (1)   4,759,498    4,827,693 
Earnings per share (1):          
Basic(1)  $1.13   $0.70 
Diluted (1) $1.13   $0.70 

 

  (1) Share and per share values for the period ended March 31, 2020 have been adjusted to give effect to the 5% stock dividend paid during December 2020.