Earnings per Share

9 Months Ended

Sep. 30, 2022

Note 3 – Earnings per Share

The following table sets forth the computation of earnings per share.

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Net income applicable to common stock	$	7,544,000	$	7,064,000	$	21,185,000	$	22,174,000

Basic earnings per share computation
Weighted average common shares outstanding		3,967,585		3,988,294		3,970,646		3,984,748
Earnings per share - basic	$	1.90	$	1.77	$	5.34	$	5.56

Diluted earnings per share computation
Weighted average common shares outstanding for basic earnings per share		3,967,585		3,988,294		3,970,646		3,984,748
Add: Dilutive effects of restricted stock		234		95		2		7
Weighted average common shares outstanding for dilutive earnings per share		3,967,819		3,988,389		3,970,648		3,984,755
Earnings per share - diluted	$	1.90	$	1.77	$	5.34	$	5.56

For the three months ended September 30, 2022 and 2021, there were 356 and 4,977 shares, respectively, related to the restricted stock plan that were excluded from the diluted earnings per share calculations since they were anti-dilutive. These anti-dilutive shares had per share prices ranging from $57.36-$74.27 for the three month period ended September 30, 2022 and per share prices ranging from $57.39-$63.19 for the three month period ended September 30, 2021. For the nine months ended September 30, 2022 and 2021, 5,811 and 6,000 shares, respectively, related to the restricted stock plan were excluded from the diluted earnings per share calculations since they were anti-dilutive. These anti-dilutive shares had prices ranging from $44.93-$74.27 for the nine month period ended September 30, 2022 and prices ranging from $51.14-$63.19 for the nine month period ended September 30, 2021.