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Earnings per Share
 9 Months Ended
Sep. 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 nine months ended September 30, 2021 excluded 31,733 of unexercised stock options because their inclusion would have been anti-dilutive during such period. The diluted earnings per share computation for the three and nine months ended September 30, 2020 excluded 105,041 of unexercised stock options because their inclusion would have been anti-dilutive during such period. The Company’s Board of Directors declared a cash dividend of $0.20 per share to be paid November 24, 2021, to common stockholders of record as of the close of business on November 10, 2021. The Board of Directors also declared a 5% stock dividend issuable December 15, 2021 to common stockholders of record on December 1, 2021. Historical earnings per share are revised to reflect the impact of stock dividends when such dividends are distributed and as a result, the information in the subsequent table does not reflect the stock distribution to be made in December 2021. The shares used in the calculation of basic and diluted earnings per share are shown below:

 

   2021   2020   2021   2020 
   Three months ended   Nine months ended 
(Dollars in thousands, except per share amounts)  September 30,   September 30, 
   2021   2020   2021   2020 
Net earnings  $4,517   $5,427   $14,864   $13,890 
                     
Weighted average common shares outstanding - basic (1)   4,758,494    4,730,201    4,756,008    4,753,107 
Assumed exercise of stock options (1)   13,861    17,889    9,340    18,762 
Weighted average common shares outstanding - diluted (1)   4,772,355    4,748,090    4,765,348    4,771,869 
Earnings per share (1):                    
Basic  $0.95   $1.15   $3.13   $2.92 
Diluted  $0.95   $1.14   $3.12   $2.91 

 

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