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Earnings Per Share

3 Months Ended

Mar. 31, 2019

NOTE 2 – EARNINGS PER SHARE

Earnings per share (EPS) have been computed based on the weighted average number of common shares outstanding during the periods presented. Included in the diluted EPS for March 31, 2019 are the impact of the full conversion of the Company’s depositary shares. Based upon the current conversion price of $10.1665, the 1,499,400 outstanding depositary shares are convertible into an aggregate of 1,474,845 common shares. There were no anti-dilutive shares in 2019 or 2018. The average number of common shares used in the computation of basic and diluted earnings per share were:

	Three Months Ended Mar. 31,
($ and outstanding shares in thousands - except per share data)	2019		2018

Distributed earnings allocated to common shares	$	556	$	486
Undistributed earnings allocated to common shares		1,422		1,720
Net earnings allocated to common shares		1,978		2,206
Net earnings allocated to participating securities		4		3
Dividends on convertible preferred shares		244		244
Net Income allocated to common shares and participating securities	$	2,226	$	2,453

Weighted average shares outstanding for basic earnings per share		6,482		5,519
Dilutive effect of stock compensation		37		72
Dilutive effect of convertible shares		1,475		1,464
Weighted average shares outstanding for diluted earnings per share		7,994		7,055

Basic earnings per common share	$	0.31	$	0.40

Diluted earnings per common share	$	0.28	$	0.35