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Earnings Per Share | 12 Months Ended
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Dec. 31, 2020
Earnings Per Share [Abstract] |
Earnings Per Share | 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, 2020 and 2019 is computed as follows:
|  | Twelve Months Ended Dec. 31, |
($ and outstanding shares in thousands - except per share data) |  | 2020 |  |  | 2019 |
Distributed earnings allocated to common shares |  | $ | 3,070 |  |  | $ | 2,331 |
Undistributed (in excess of) earnings allocated to common shares |  |  | 11,858 |  |  |  | 8,675 |
Net earnings allocated to common shares |  |  | 14,928 |  |  |  | 11,006 |
Net earnings allocated to participating securities |  |  | 16 |  |  |  | 17 |
Dividends on convertible preferred shares |  |  | - |  |  |  | 950 |
Net Income allocated to common shares and participating securities |  | $ | 14,944 |  |  | $ | 11,973 |
Weighted average shares outstanding for basic earnings per share |  |  | 7,613 |  |  |  | 6,456 |
Dilutive effect of stock compensation |  |  | 22 |  |  |  | 46 |
Dilutive effect of convertible shares |  |  | - |  |  |  | 1,433 |
Weighted average shares outstanding for diluted earnings per share |  |  | 7,635 |  |  |  | 7,935 |
Basic earnings per common share |  | $ | 1.96 |  |  | $ | 1.71 |
Diluted earnings per common share |  | $ | 1.96 |  |  | $ | 1.51 |
There were no anti-dilutive shares in 2020 or 2019.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3630-109257 + Details
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