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Per Share Data
3 Months Ended
Mar. 31, 2018
Earnings Per Share [Abstract]  
Per Share Data
Per Share Data

There are no convertible securities which would affect the denominator in calculating basic and dilutive earnings per share. There were a total of 118,500 stock options, with an average exercise price of $43.91, outstanding on March 31, 2018. These options were excluded, on a weighted average basis, in the computation of diluted earnings per share for the period due to the average market price of common shares of $41.93 being less than the exercise price of the options. There were a total of 96,500 stock options outstanding for the same period end in 2017 that had an average exercise price of $43.61 and were included, on a weighted average basis, in the computation of diluted earnings per share because the average market price of common shares was $46.94 for the period. Net income as presented on the consolidated statement of income will be used as the numerator.  The following table sets forth the composition of the weighted average common shares (denominator) used in the basic and dilutive earnings per share computation.

 
 
Three Months Ended March 31,
 
 
2018
 
2017
Weighted average common shares issued
 
5,009,526

 
5,007,257

Weighted average treasury stock shares
 
(320,150
)
 
(272,452
)
Dilutive effect of outstanding stock options
 

 
26,500

Weighted average common shares outstanding - diluted
 
4,689,376

 
4,761,305