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Earnings Per Share

12 Months Ended

Dec. 31, 2021

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 dilutive effect of stock compensation using the treasury stock method. EPS for the years ended December 31, 2021 and 2020 is computed as follows:

		Twelve Months Ended Dec. 31,
($ and outstanding shares in thousands - except per share data)		2021				2020
Distributed earnings allocated to common shares		$	3,139			$	3,070
Undistributed earnings allocated to common shares			15,117				11,858

Net earnings allocated to common shares			18,256				14,928
Net earnings allocated to participating securities			21				16

Net Income allocated to common shares and participating securities		$	18,277			$	14,944

Weighted average shares outstanding for basic earnings per share			7,083				7,613
Dilutive effect of stock compensation			47				22

Weighted average shares outstanding for diluted earnings per share			7,130				7,635

Basic earnings per common share		$	2.58			$	1.96
Diluted earnings per common share		$	2.56			$	1.96

There were no anti-dilutive shares in 2021 or 2020.

On January 10, 2022 the Company announced that its board of directors had declared a 5 percent common stock dividend payable on February 4, 2022, to shareholders of record as of January 21, 2022. Holders of the Company’s common shares as of the record date received one additional common share for every twenty common shares held on the record date. No fractional shares were issued, and shareholders received cash for such fractional interests based on the closing price of $19.89 of the Company’s common shares on the record date.

Had the 5 percent common stock dividend been included in the Company’s 2021 financial statements, common shares outstanding would have increased by approximately 345,000 and diluted earnings per share, assuming the shares were outstanding for the entire year would have decreased by $0.11 per share.

On January 25, 2022, the Company filed a Certificate of Amendment with the Ohio Secretary of State to amend Article FIRST of its Amended Articles of Incorporation to increase the authorized number of common shares, without par value, of the Company from 10,000,000 to 10,500,000.The addition of these authorized shares will not have a material impact on the Company’s consolidated financial statements.