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Earnings Per Share | 9 Months Ended
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Sep. 30, 2019
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | 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 September 30, 2019 are the impact of the full conversion of the Company’s outstanding depositary shares. Based upon the current conversion price of $10.119, the 1,430,570 outstanding depositary shares are convertible into an aggregate of 1,413,909 common shares. There were no anti-dilutive shares in 2019 or 2018. The average number of common shares used in the computation of basic and diluted earnings per share are set forth in the tables below:
|  | Three Months Ended Sep. 30, |
($ and outstanding shares in thousands - except per share data) |  | 2019 |  |  | 2018 |
Distributed earnings allocated to common shares |  | $ | 581 |  |  | $ | 524 |
Undistributed earnings allocated to common shares |  |  | 2,944 |  |  |  | 2,346 |
Net earnings allocated to common shares |  |  | 3,525 |  |  |  | 2,870 |
Net earnings allocated to participating securities |  |  | 4 |  |  |  | 4 |
Dividends on convertible preferred shares |  |  | 233 |  |  |  | 244 |
Net Income allocated to common shares and participating securities |  | $ | 3,762 |  |  | $ | 3,118 |
Weighted average shares outstanding for basic earnings per share |  |  | 6,397 |  |  |  | 6,503 |
Dilutive effect of stock compensation |  |  | 34 |  |  |  | 58 |
Dilutive effect of convertible shares |  |  | 1,445 |  |  |  | 1,461 |
Weighted average shares outstanding for diluted earnings per share |  |  | 7,876 |  |  |  | 8,022 |
Basic earnings per common share |  | $ | 0.55 |  |  | $ | 0.45 |
Diluted earnings per common share |  | $ | 0.48 |  |  | $ | 0.39 |
|  | Nine Months Ended Sep. 30, |
($ and outstanding shares in thousands - except per share data) |  | 2019 |  |  | 2018 |
Distributed earnings allocated to common shares |  | $ | 1,723 |  |  | $ | 1,532 |
Undistributed earnings allocated to common shares |  |  | 6,159 |  |  |  | 6,404 |
Net earnings allocated to common shares |  |  | 7,882 |  |  |  | 7,936 |
Net earnings allocated to participating securities |  |  | 13 |  |  |  | 11 |
Dividends on convertible preferred shares |  |  | 720 |  |  |  | 732 |
Net Income allocated to common shares and participating securities |  | $ | 8,615 |  |  | $ | 8,679 |
Weighted average shares outstanding for basic earnings per share |  |  | 6,459 |  |  |  | 6,106 |
Dilutive effect of stock compensation |  |  | 36 |  |  |  | 63 |
Dilutive effect of convertible shares |  |  | 1,460 |  |  |  | 1,457 |
Weighted average shares outstanding for diluted earnings per share |  |  | 7,955 |  |  |  | 7,626 |
Basic earnings per common share |  | $ | 1.22 |  |  | $ | 1.30 |
Diluted earnings per common share |  | $ | 1.08 |  |  | $ | 1.14 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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