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Earnings Per Share
 12 Months Ended
Dec. 31, 2019
EARNINGS PER SHARE  
Earnings Per Share

NOTE 13 - EARNINGS PER SHARE



The following table sets forth the computations of basic and diluted earnings per share:





 

 

 

 

 



 

 

 

 

 



Years Ended December 31,



 2019 

 

 2018 



(In Thousands, Except Per Share Data)



 

 

 

 

 

Numerator, net income

$

 14,215 

 

$

 13,651 



 

 

 

 

 

Denominator:

 

 

 

 

 

Weighted average shares outstanding

 

 6,295 

 

 

 6,263 

Less:  Weighted average unvested restricted shares

 

 (35)

 

 

 (31)

Denominator:  Basic earnings per share

 

 6,260 

 

 

 6,232 



 

 

 

 

 

Weighted average shares outstanding, basic

 

 6,260 

 

 

 6,232 

Add:  Dilutive effect of stock options and restricted stock

 

 72 

 

 

 58 

Denominator:  Diluted earnings per share

 

 6,332 

 

 

 6,290 



 

 

 

 

 

Basic earnings per common share

$

 2.27 

 

$

 2.19 



 

 

 

 

 

Diluted earnings per common share

$

 2.25 

 

$

 2.17 



Stock options which had no intrinsic value because their effect would be anti-dilutive, and therefore would not be included in the diluted EPS calculation, were zero for both years ended December 31, 2019 and 2018, based on the closing price of the Company’s common stock which was $38.90 and $33.00 as of December 31, 2019 and 2018, respectively.  All share and per share information has been restated to reflect the 50% stock dividend declared in 2017.