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Earnings Per Share | 9 Months Ended
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Sep. 30, 2021
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. There were no anti-dilutive shares in 2021 or 2020. Participating securities in the table reflect dividends on unvested restricted shares. 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) |  | 2021 |  |  | 2020 |
Distributed earnings allocated to common shares |  | $ | 771 |  |  | $ | 764 |
Undistributed (in excess of) earnings allocated to common shares |  |  | 3,327 |  |  |  | 4,482 |
Net earnings allocated to common shares |  |  | 4,098 |  |  |  | 5,246 |
Net earnings allocated to participating securities |  |  | 5 |  |  |  | 4 |
Net Income allocated to common shares and participating securities |  | $ | 4,103 |  |  | $ | 5,250 |
Weighted average shares outstanding for basic earnings per share |  |  | 6,966 |  |  |  | 7,607 |
Dilutive effect of stock compensation |  |  | 51 |  |  |  | - |
Weighted average shares outstanding for diluted earnings per share |  |  | 7,017 |  |  |  | 7,607 |
Basic earnings per common share |  | $ | 0.59 |  |  | $ | 0.69 |
Diluted earnings per common share |  | $ | 0.58 |  |  | $ | 0.69 |
|  | Nine Months Ended Sep. 30, |
($ and outstanding shares in thousands - except per share data) |  | 2021 |  |  | 2020 |
Distributed earnings allocated to common shares |  | $ | 2,340 |  |  | $ | 2,278 |
Undistributed earnings allocated to common shares |  |  | 12,589 |  |  |  | 7,296 |
Net earnings allocated to common shares |  |  | 14,929 |  |  |  | 9,574 |
Net earnings allocated to participating securities |  |  | 16 |  |  |  | 12 |
Net Income allocated to common shares and participating securities |  | $ | 14,945 |  |  | $ | 9,586 |
Weighted average shares outstanding for basic earnings per share |  |  | 7,142 |  |  |  | 7,700 |
Dilutive effect of stock compensation |  |  | 25 |  |  |  | - |
Weighted average shares outstanding for diluted earnings per share |  |  | 7,167 |  |  |  | 7,700 |
Basic earnings per common share |  | $ | 2.09 |  |  | $ | 1.25 |
Diluted earnings per common share |  | $ | 2.08 |  |  | $ | 1.25 |

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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=124432515&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=124432515&loc=d3e3630-109257 + Details
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