Earnings Per Share

12 Months Ended

Dec. 31, 2016

3. Earnings Per Share

The computation of basic and diluted earnings per share is shown below (in thousands, except per share data). There were no anti-dilutive stock options for the years ended December 31, 2016, 2015 and 2014.


	Years Ended December 31
	2016			2015			2014

Basic earnings per common share computation
Net income per consolidated statements of income	$	20,540		$	22,197		$	23,074
Net earnings allocated to participating securities		(129	)		(117	)		(95	)

Net earnings allocated to common stock	$	20,411		$	22,080		$	22,979


Distributed earnings allocated to common stock	$	9,480		$	9,460		$	9,476
Undistributed earnings allocated to common stock		10,931			12,620			13,503

Net earnings allocated to common stock	$	20,411		$	22,080		$	22,979

Weighted average common shares outstanding, including shares considered participating securities		14,457			14,408			14,412
Less: Average participating securities		(82	)		(70	)		(53	)

Weighted average shares		14,375			14,338			14,359

Basic earnings per common share	$	1.42		$	1.54		$	1.60


Diluted earnings per common share computation
Net earnings allocated to common stock	$	20,411		$	22,080		$	22,979

Weighted average common shares outstanding for basic earnings per common share		14,375			14,338			14,359
Add: Dilutive effects of assumed exercises of stock options		0			0			1

Weighted average shares and dilutive potential common shares		14,375			14,338			14,360

Diluted earnings per common share	$	1.42		$	1.54		$	1.60