Note 15 - Earnings Per Common Share

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 15 – 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.

	Year Ended December 31,
	2021				2020					2019
			Per Share				Per Share					Per Share
	Shares		Amount		Shares		Amount			Shares		Amount
Basic earnings per share		10,873,817	$	4.00		10,981,623	$	2.74			10,531,572	$	1.99
Effect of dilutive securities - stock options		3,414		—		4,167		(0.01	)		9,765		(0.01	)
Diluted earnings per share		10,877,231	$	4.00		10,985,790	$	2.73			10,541,337	$	1.98

There were no outstanding stock options that were excluded from the calculation of diluted earnings per share because their effects were anti-dilutive in 2021, 2020, and 2019.