Net Earnings Per Share

9 Months Ended

Sep. 30, 2022

Net Earnings Per Share

Net Earnings Per Share

(4)           Net Earnings Per Share

Net earnings per share is based on the weighted average number of shares outstanding during the period while the effects of potential shares outstanding during the period are included in diluted earnings per share.  The average market price during the applicable period is used to compute equivalent shares.

The reconciliation of the amounts used in the computation of both “basic earnings per share” and “diluted earnings per share” for the three and nine months ended September 30, 2022 and 2021 is as follows:

For the three months ended September 30, 2022
	Net Earnings (Dollars in thousands)		Weighted Average Number of Shares		Per Share Amount
Basic earnings per share	$	5,307		5,473,443	$	0.96
Effect of dilutive securities:
Restricted stock units - unvested				17,188
Shares held in deferred comp plan
by deferred compensation trust				166,937
Diluted earnings per share	$	5,307		5,657,568	$	0.93

For the nine months ended September 30, 2022
	Net Earnings (Dollars in thousands)		Weighted Average Number of Shares		Per Share Amount
Basic earnings per share	$	11,976		5,484,063	$	2.18
Effect of dilutive securities:
Restricted stock units - unvested				15,090
Shares held in deferred comp plan
by deferred compensation trust				165,041
Diluted earnings per share	$	11,976		5,664,194	$	2.11

For the three months ended September 30, 2021
	Net Earnings (Dollars in thousands)		Weighted Average Number of Shares		Per Share Amount
Basic earnings per share	$	3,390		5,544,596	$	0.61
Effect of dilutive securities:
Restricted stock units - unvested		-		14,690
Shares held in deferred comp plan
by deferred compensation trust				159,797
Diluted earnings per share	$	3,390		5,719,083	$	0.59

For the nine months ended September 30, 2021
	Net Earnings (Dollars in thousands)		Weighted Average Number of Shares		Per Share Amount
Basic earnings per share	$	12,126		5,601,879	$	2.16
Effect of dilutive securities:
Restricted stock units - unvested		-		13,190
Shares held in deferred comp plan
by deferred compensation trust				158,039
Diluted earnings per share	$	12,126		5,773,108	$	2.10