Note 11 - Earnings Per Common Share

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 11 – Earnings Per Common Share

The following shows the weighted average number of shares used in computing earnings per common share and the effect on the weighted average number of shares of potentially dilutive common stock. Potentially dilutive common stock had no effect on income available to common shareholders. Nonvested restricted shares are included in the computation of basic earnings per share as the holder is entitled to full shareholder benefits during the vesting period including voting rights and sharing in nonforfeitable dividends. The following table presents basic and diluted earnings per share for the three and nine month periods ended September 30, 2021 and 2020:

	Three Months Ended September 30,
	2021				2020
	Shares		Per Share Amount		Shares		Per Share Amount
Basic earnings per share		10,833,875	$	0.94		10,966,645	$	0.66
Effect of dilutive securities - stock options		2,418		—		3,256		—
Diluted earnings per share		10,836,293	$	0.94		10,969,901	$	0.66

	Nine Months Ended September 30,
	2021					2020
	Shares		Per Share Amount			Shares		Per Share Amount
Basic earnings per share		10,907,721	$	2.96			10,983,729	$	1.93
Effect of dilutive securities - stock options		3,651		(0.01	)		4,361		—
Diluted earnings per share		10,911,372	$	2.95			10,988,090	$	1.93

Outstanding stock options on common stock whose effects are anti-dilutive are not included in computing diluted earnings per share. There were no anti-dilutive stock options for the three or nine months ended September 30, 2021 and 2020.