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Earnings per Share
 6 Months Ended
Jun. 30, 2022
Earnings per share:  
Earnings per Share

7. 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, 2022 excluded 51,088 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 six months ended June 30, 2021 included all unexercised stock options because no stock options were anti-dilutive during such period. The Company’s Board of Directors declared a cash dividend of $0.21 per share to be paid August 24, 2022, to common stockholders of record as of the close of business on August 10, 2022. The shares used in the calculation of basic and diluted earnings per share are shown below:

 Schedule of Earnings Per Share, Basic and Diluted

   2022   2021   2022   2021 
   Three months ended   Six months ended 
(Dollars in thousands, except per share amounts)  June 30,   June 30, 
   2022   2021   2022   2021 
Net earnings  $3,033   $4,980   $6,166   $10,347 
                     
Weighted average common shares outstanding - basic (1)  4,988,416    4,994,434    4,992,912    4,992,481 
Assumed exercise of stock options (1)  14,009    8,610    16,910    7,501 
Weighted average common shares outstanding - diluted (1)  5,002,425    5,003,044    5,009,822    4,999,982 
Earnings per share (1):                    
Basic   $0.61   $1.00   $1.24   $2.07 
Diluted   $0.61   $0.99   $1.23   $2.07 

 

  (1) Share and per share values for the periods ended June 30, 2021 have been adjusted to give effect to the 5% stock dividend paid during December 2021.