Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Computations of Earnings per Common Share

Earnings per share for the three months ended March 31, 2020 and 2019 were calculated as follows (dollars in thousands, except share and per share data):

	Three Months Ended   March 31,
	2020		2019
Net income	$	5,026	4,627
Less allocation of earnings and dividends to participating securities	11		8
Net income allocated to common shareholders	$	5,015	4,619
Weighted average common shares outstanding, gross	12,955,672		13,307,865
Less average participating securities	29,595		24,231
Weighted average number of shares outstanding used in the calculation of basic earnings per common share	12,926,077		13,283,634
Add dilutive effect of:
Stock options	1,589		3,704
Adjusted weighted average number of shares outstanding used in the calculation of diluted earnings per common share	12,927,666		13,287,338
Earnings per common share:
Basic	$	0.39	0.35
Diluted	0.39		0.35