| Computation of Basic and Diluted 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.
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Years Ended
December 31 |
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2017
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2016
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2015
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Basic earnings per
common share computation
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Net income per consolidated
statements of income
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$ |
23,860 |
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$ |
20,540 |
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$ |
22,197 |
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Net earnings allocated to
participating securities
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(135 |
) |
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(129 |
) |
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(117 |
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Net earnings allocated to
common stock
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$ |
23,725 |
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$ |
20,411 |
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$ |
22,080 |
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Distributed earnings
allocated to common stock
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$ |
10,030 |
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$ |
9,480 |
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$ |
9,460 |
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Undistributed earnings
allocated to common stock
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13,695 |
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10,931 |
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12,620 |
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Net earnings allocated to
common stock
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$ |
23,725 |
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$ |
20,411 |
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$ |
22,080 |
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Weighted average common
shares outstanding, including shares considered participating
securities
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15,212 |
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14,457 |
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14,408 |
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Less: Average participating
securities
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(80 |
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(82 |
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(70 |
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Weighted average
shares
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15,132 |
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14,375 |
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14,338 |
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Basic earnings per common
share
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$ |
1.57 |
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$ |
1.42 |
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$ |
1.54 |
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Diluted earnings per
common share computation
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Net earnings allocated to
common stock
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$ |
23,725 |
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$ |
20,411 |
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$ |
22,080 |
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Weighted average common
shares outstanding for basic earnings per common share
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15,132 |
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14,375 |
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14,338 |
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Add: Dilutive effects of
assumed exercises of stock options
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0 |
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0 |
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0 |
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Weighted average shares and
dilutive potential common shares
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15,132 |
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14,375 |
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14,338 |
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Diluted earnings per common
share
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$ |
1.57 |
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$ |
1.42 |
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$ |
1.54 |
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