EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2020

Earnings per share for the years ended December 31 were calculated as follows (in thousands, except share and per share data):


	2020		2019	2018
Net income	$	20,075	18,912	14,845
Less allocation of earnings and dividends to participating securities	45		31	18
Net income allocated to common shareholders	$	20,030	18,881	14,827

Weighted average common shares outstanding, gross	12,943,622		13,100,161	11,950,360
Less average participating securities	29,345		21,241	15,010
Weighted average number of shares outstanding used in the calculation of basic earnings per common share	12,914,277		13,078,920	11,935,350
Add dilutive effect of:
Stock options	307		3,973	6,903

Adjusted weighted average number of shares outstanding used in the calculation of diluted earnings per common share	12,914,584		13,082,893	11,942,253

Earnings per common share:
Basic	$	1.55	1.44	1.24
Diluted	1.55		1.44	1.24