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Computation of Earnings Per Common Share
12 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
Computation of Earnings Per Common Share
Computation of Earnings Per Common Share
Basic earnings per common share represents income available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued. Potential common shares that may be issued relate solely to outstanding shares in the Directors Plan, see "Note 17 – Benefit Plans."
Earnings per common share have been computed based on the following:

2016
 
2015
 
2014
Average number of common shares outstanding for basic calculation
7,813,739

 
7,775,988

 
7,734,161

Average potential effect of common shares in the Directors Plan (1)
185,611

 
177,988

 
171,393

Average number of common shares outstanding used to calculate diluted earnings per common share
7,999,350

 
7,953,976

 
7,905,554

Net income
$
13,799

 
$
15,130

 
$
13,724

Earnings per common share
 
 
 
 
 
Basic
$
1.77

 
$
1.95

 
$
1.77

Diluted
$
1.73

 
$
1.90

 
$
1.74

(1) 
Exclusive of shares held in the Rabbi Trust