Earnings Per Share

9 Months Ended

Sep. 30, 2015

Note 4: Earnings Per Share

Basic earnings per share excludes dilution and is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company, such as the Company's dilutive stock options and awards.

The following is a reconciliation of basic and diluted earnings per share for the three and nine months ended September 30, 2015, and 2014:


		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2015		2014		2015		2014

Net income	$	3,931	$	3,867	$	11,685	$	11,511

Weighted average common shares outstanding
Basic		5,991,073		5,931,342		5,972,927		5,921,427
Effect of dilutive employee stock options		75,757		52,581		81,667		44,147
Diluted		6,066,830		5,983,923		6,054,594		5,965,574

Anti-dilutive options excluded from
earnings per share calculation		64,763		41,256		66,960		85,431

Per Common Share Data:
Basic earnings per share	$	0.66	$	0.65	$	1.96	$	1.94
Diluted earnings per share	$	0.65	$	0.65	$	1.93	$	1.93

All share and per share amounts have been adjusted to reflect the effect of the 3-for-2 stock split (dividend) during May 2014.