EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2015

Earnings per share for the three and nine months ended September 30, 2015 and 2014 were as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in thousands, except per share data)	2015		2014		2015		2014

Net income	$	2,461	$	5,177	$	6,425	$	10,028
Weighted average shares outstanding (basic)	8,119		8,111		8,115		8,109
Impact of common stock equivalents	38		11		28		4
Weighted average shares outstanding (diluted)	8,157		8,122		8,143		8,113
Per share information:
Basic earnings per share	$	0.30	$	0.64	$	0.79	$	1.24
Diluted earnings per share	0.30		0.64		0.79		1.24

Stock options amounting to 102,000 and 159,000 shares of common stock were not considered in computing diluted earnings per share for the three months ended September 30, 2015 and 2014 as their exercise would have been antidilutive as the exercise price exceeded the average market value. Stock options amounting to 112,000 and 187,000 shares of common stock were not considered in computing diluted earnings per share for the nine months ended September 30, 2015 and 2014 as their exercise would have been antidilutive as the exercise price exceeded the average market value.