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Earnings per Share
 9 Months Ended
Sep. 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 nine months ended September 30, 2022 excluded 48,302 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, 2021 excluded 33,320 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 $0.21 per share to be paid November 30, 2022, to common stockholders of record as of the close of business on November 16, 2022. The Board of Directors also declared a 5% stock dividend issuable December 16, 2022 to common stockholders of record on December 2, 2022. The shares used in the calculation of basic and diluted earnings per share are shown below:

 

share amounts)  2022   2021   2022   2021 
   Three months ended   Nine months ended 
(Dollars in thousands, except per  September 30,   September 30, 
share amounts)  2022   2021   2022   2021 
Net earnings  $2,500   $4,517   $8,666   $14,864 
                     
Weighted average common shares outstanding - basic (1)  4,979,305    4,996,419    4,988,327    4,993,808 
Assumed exercise of stock options (1)  13,145    14,554    14,831    9,807 
Weighted average common shares outstanding - diluted (1)  4,992,450    5,010,973    5,003,158    5,003,615 
Earnings per share (1):                    
Basic(1)  $0.50   $0.90   $1.74   $2.98 
Diluted(1)  $0.50   $0.90   $1.73   $2.97 

 

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