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Earnings Per Share
 3 Months Ended
Mar. 31, 2020
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income, excluding net earnings allocated to participating securities, by the weighted average number of shares outstanding during the applicable period, excluding outstanding participating securities. Diluted earnings per share is computed using the weighted average number of shares determined for the basic computation plus the dilutive effect of potential common shares issuable under certain stock compensation plans. For the three months ended March 31, 2020 and 2019, there were no outstanding stock options to include in the diluted earnings per share calculations and the impact of performance-based shares was immaterial.

Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The Corporation has determined that its outstanding unvested stock awards are participating securities.

The computation of basic and diluted earnings per share is shown below:
 
Three months ended March 31,
 
2020
 
2019
Basic earnings per common share computation:
 
 
 
Net income per consolidated statements of income
$
8,813

 
$
9,473

Net earnings allocated to participating securities
(30
)
 
(39
)
Net earnings allocated to common stock
$
8,783

 
$
9,434

Distributed earnings allocated to common stock
$
2,608

 
$
2,579

Undistributed earnings allocated to common stock
6,175

 
6,855

Net earnings allocated to common stock
$
8,783

 
$
9,434

Weighted average common shares outstanding, including shares considered participating securities
15,333

 
15,229

Less: Average participating securities
(52
)
 
(62
)
Weighted average shares
15,281

 
15,167

Basic earnings per common share
$
0.57

 
$
0.62

Diluted earnings per common share computation:
 
 
 
Net earnings allocated to common stock
$
8,783

 
$
9,434

Weighted average common shares outstanding for basic earnings per common share
15,281

 
15,167

Add: Dilutive effects of assumed exercises of stock options
0

 
0

Weighted average shares and dilutive potential common shares
15,281

 
15,167

Diluted earnings per common share
$
0.57

 
$
0.62