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Earnings per Share
 6 Months Ended
Jun. 30, 2021
Earnings per share:  
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 and six months ended June 30, 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 and six months ended June 30, 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    2021    2020 
   Three months ended   Six months ended 
(Dollars in thousands, except per share amounts)  June 30,   June 30, 
    2021    2020    2021    2020 
Net earnings  $4,980   $5,100   $10,347   $8,463 
                     
Weighted average common shares outstanding - basic (1)   4,756,604    4,720,800    4,754,744    4,764,686 
Assumed exercise of stock options (1)   8,200    19,229    7,144    19,175 
Weighted average common shares outstanding - diluted (1)   4,764,804    4,740,029    4,761,888    4,783,861 
Earnings per share (1):                    
Basic  $1.05   $1.08   $2.18   $1.78 
Diluted  $1.04   $1.08   $2.17   $1.77 

 

 

(1)Share and per share values for the periods ended June 30, 2020 have been adjusted to give effect to the 5% stock dividend paid during December 2020.