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Earnings Per Share

12 Months Ended

Dec. 31, 2019

Note 2: Earnings Per Share

Earnings per common share (“EPS”) is computed using the two-class method. Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the applicable period, excluding participating securities. Participating securities include non-vested restricted stock awards. Non-vested restricted stock awards are considered participating securities to the extent the holders of these securities receive non-forfeitable dividends at the same rate as holders of common shares. Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share plus the convertible impact of preferred shares and the dilutive effect of stock compensation using the treasury stock method. EPS for the years ended December 31, 2019 and 2018 is computed as follows:

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

Distributed earnings allocated to common shares	$	2,331	$	2,090
Undistributed earnings allocated to common shares		8,675		8,558

Net earnings allocated to common shares		11,006		10,648
Net earnings allocated to participating securities		17		15
Dividends on convertible preferred shares		950		975

Net Income allocated to common shares and participating securities	$	11,973	$	11,638

Weighted average shares outstanding for basic earnings per share		6,456		6,198
Dilutive effect of stock compensation		46		61
Dilutive effect of preferred convertible shares		1,433		1,460

Weighted average shares outstanding for diluted earnings per share		7,935		7,719

Basic earnings per common share	$	1.71	$	1.72

Diluted earnings per common share	$	1.51	$	1.51

There were no anti-dilutive shares in 2019 or 2018.