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Earnings Per Share
 6 Months Ended
Jun. 30, 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. The average number of common shares used in the computation of basic and diluted earnings per share are set forth in the tables below. There were no anti-dilutive shares in 2022 or 2021. Participating securities in the tables reflect dividends on nonvested restricted shares.

 

   Three Months Ended
June 30,		 
($ and outstanding shares in thousands - except per share data)  2022   2021 
         
Distributed earnings allocated to common shares  $858   $793 
Undistributed earnings allocated to common shares   1,968    2,962 
           
Net earnings allocated to common shares   2,826    3,755 
Net earnings allocated to participating securities   8    6 
           
Net Income allocated to common shares and participating securities  $2,834   $3,761 
           
Weighted average shares outstanding for basic earnings per share   7,075    7,148 
Dilutive effect of stock compensation   74    52 
           
Weighted average shares outstanding for diluted earnings per share   7,149    7,200 
           
Basic earnings per common share  $0.40   $0.53 
           
Diluted earnings per common share  $0.40   $0.52 

 

   Six Months Ended
June 30,		 
($ and outstanding shares in thousands - except per share data)  2022   2021 
         
Distributed earnings allocated to common shares  $1,694   $1,569 
Undistributed earnings allocated to common shares   3,939    9,262 
           
Net earnings allocated to common shares   5,633    10,831 
Net earnings allocated to participating securities   14    11 
           
Net Income allocated to common shares and participating securities  $5,647   $10,842 
           
Weighted average shares outstanding for basic earnings per share   7,055    7,232 
Dilutive effect of stock compensation   61    24 
           
Weighted average shares outstanding for diluted earnings per share   7,116    7,256 
           
Basic earnings per common share  $0.80   $1.50 
           
Diluted earnings per common share  $0.79   $1.49 

 

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 three and six months ended June 30, 2021, would have decreased by $0.03 and $0.07 per share, respectively.

 

In connection with the 5 percent common stock dividend, the Company filed a Certificate of Amendment with the Ohio Secretary of State on January 25, 2022 to amend Article FIRST of its Amended Articles of Incorporation to proportionately 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.