Dividends and Basic and Diluted Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2021

Dividends and Basic and Diluted Earnings Per Common Share [Abstract]

Calculation of Basic and Diluted Earnings per Common Share

Basic earnings per common share amounts are computed by dividing net income by the weighted average number of common shares outstanding for the period. The Company has no securities or other contracts, such as stock options, that could require the issuance of additional common stock. Accordingly, diluted earnings per share are equal to basic earnings per share. The following table calculates the basic and diluted earnings per common share for the three months ended March 31, 2021 and 2020.

(net income in thousands)	2021		2020
Net Income	$	16,713	$	14,122
Weighted Average Number of Common Shares Outstanding		789,646		793,504
Basic and Diluted Earnings Per Common Share	$	21.17	$	17.80