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, 2017, 2016, and 2015.


	Years Ended December 31
	2017			2016			2015

Basic earnings per common share computation
Net income per consolidated statements of income	$	23,860		$	20,540		$	22,197
Net earnings allocated to participating securities		(135	)		(129	)		(117	)

Net earnings allocated to common stock	$	23,725		$	20,411		$	22,080


Distributed earnings allocated to common stock	$	10,030		$	9,480		$	9,460
Undistributed earnings allocated to common stock		13,695			10,931			12,620

Net earnings allocated to common stock	$	23,725		$	20,411		$	22,080

Weighted average common shares outstanding, including shares considered participating securities		15,212			14,457			14,408
Less: Average participating securities		(80	)		(82	)		(70	)

Weighted average shares		15,132			14,375			14,338

Basic earnings per common share	$	1.57		$	1.42		$	1.54


Diluted earnings per common share computation
Net earnings allocated to common stock	$	23,725		$	20,411		$	22,080

Weighted average common shares outstanding for basic earnings per common share		15,132			14,375			14,338
Add: Dilutive effects of assumed exercises of stock options		0			0			0

Weighted average shares and dilutive potential common shares		15,132			14,375			14,338

Diluted earnings per common share	$	1.57		$	1.42		$	1.54