EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2019

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE 6 – EARNINGS PER SHARE

The computation of basic and diluted earnings per share is shown below (dollars in thousands, except share data):

	Three Months Ended March 31,
	2019		2018
Basic
Net income per consolidated statements of income	$	8,531	$	6,291
Less:  Earnings allocated to participating securities		(135)		(53)
Net income available to common stockholders	$	8,396	$	6,238
Weighted average common shares outstanding including participating securities		8,281,325		8,192,798
Less:  Weighted average participating securities		(130,873)		(68,770)
Weighted average common shares outstanding		8,150,452		8,124,028
Basic earnings per common share	$	1.03	$	0.77
Diluted
Net income allocated to common stockholders	$	8,396	$	6,238
Weighted average common shares outstanding for basic earnings per common share		8,150,452		8,124,028
Add:  Dilutive effects of assumed exercise of stock options		114,740		151,215
Add:  Dilutive effects of assumed vesting of performance based restricted stock		20,028		—
Average shares and dilutive potential common shares		8,285,220		8,275,243
Dilutive earnings per common share	$	1.01	$	0.75

All stock options were considered in computing diluted earnings per common share for the three months ended March 31, 2019 and 2018.