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Net Income Per Share
12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
Net Income Per Share

Note 19 – Net Income per Share

On June 13, 2019, the Board of Directors approved a stock dividend of five percent (5%) on the outstanding shares of common stock of the Company (or .05 share for each share outstanding) which was issued on July 5, 2019 to all shareholders of record as of the close of business on June 26, 2019.  On March 16, 2018, the Board of Directors approved a stock dividend of five percent (5%) on the outstanding shares of common stock of the Company (or .05 share for each share outstanding) which was issued on April 13, 2018 to all shareholders of record as of the close of business on April 3, 2018.  Shareholders received cash in lieu of any fractional shares that they otherwise would have been entitled to receive in connection with the stock dividend.  The price paid for fractional shares was based on the volume-weighted average price of a share of common stock for the most recent three (3) days prior to the record date during which a trade of the Company’s stock occurred.  

For the following table, share and per share data have been adjusted to reflect the 5% Stock Dividends. The table shows the weighted average number of shares used in computing net income per common share and the effect on the weighted average number of shares of diluted potential common stock for the years ended December 31, 2019 and 2018.  Potential dilutive common stock equivalents have no effect on net income available to the Company’s shareholders.  The weighted average shares below as of December 31, 2019 include 4,000 shares of restricted stock that have not yet vested. No shares of restricted stock were outstanding as of December 31, 2018.  The recipients of nonvested restricted shares have full voting and dividend rights.    

 

(dollars in thousands)

 

Net Income

 

 

Weighted

Average

Shares

 

 

Per Share

Amount

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income per share

 

$

6,689

 

 

 

2,686,866

 

 

$

2.49

 

Effect of dilutive stock options

 

 

 

 

 

 

3,111

 

 

 

-

 

Diluted net income per share

 

$

6,689

 

 

 

2,689,977

 

 

$

2.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income per share

 

$

8,470

 

 

 

2,666,902

 

 

$

3.18

 

Effect of dilutive stock options

 

 

 

 

 

 

18,977

 

 

 

(0.03

)

Diluted net income per share

 

$

8,470

 

 

 

2,685,879

 

 

$

3.15

 

 

In 2019 and 2018, stock options representing 78,301 and 62,750 average shares, respectively, were not included in the calculation of net income per share, as their effect would have been antidilutive.