Earnings Per Share

3 Months Ended

Mar. 31, 2019

Note 3 – Earnings Per Share

Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted earnings per share is computed by dividing net income by the sum of the weighted-average number of common shares outstanding and the weighted-average number of potential common shares outstanding. There were no antidilutive shares in the three months ended March 31, 2019 and 2018. The calculations of basic and diluted earnings per share are as follows:

	Three Months Ended
	March 31,
*(In thousands except share and per share data)*	2019		2018
Basic
Net income	$	8,163	$	8,092
Weighted-average common shares outstanding		14,455,527		14,679,619
Basic earnings per share	$	.56	$	.55

Diluted
Net income	$	8,163	$	8,092
Weighted-average common shares outstanding		14,455,527		14,679,619
Effect of dilutive restricted stock and stock appreciation rights		253,168		226,901
Weighted-average common shares outstanding assuming dilution		14,708,695		14,906,520
Diluted earnings per share	$	.55	$	.54