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Earnings Per Share
 3 Months Ended
Mar. 31, 2022
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 2022 or 2021. 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
March 31,		 
($ and outstanding shares in thousands - except per share data)  2022   2021 
         
Distributed earnings allocated to common shares  $835   $776 
Undistributed earnings allocated to common shares   1,972    6,299 
           
Net earnings allocated to common shares   2,807    7,075 
Net earnings allocated to participating securities   6    6 
           
Net Income allocated to common shares and participating securities  $2,813   $7,081 
           
Weighted average shares outstanding for basic earnings per share   7,035    7,317 
Dilutive effect of stock compensation   65    18 
           
Weighted average shares outstanding for diluted earnings per share   7,100    7,335 
           
Basic earnings per common share  $0.40   $0.97 
           
Diluted earnings per common share  $0.40   $0.97 

 

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 the Company’s common shares on the record date of $19.89.

 

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 quarter ended March 31, 2021, would have decreased by $0.05 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 did not have a material impact on the Company’s consolidated financial statements.