Earnings Per Share

9 Months Ended

Sep. 30, 2017

5. Earnings Per Share

Earnings per common share were computed based on the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
*(in thousands, except per share data)*	2017		2016		2017		2016
Numerator:
Net income available to common shareholders	$	4,090	$	4,360	$	13,582	$	11,726

Denominator:
Weighted average common shares outstanding		7,007		6,872		6,972		6,824
Effect of dilutive securities:
Restricted stock		3		4		3		4

Stock options		271		248		266		260

Weighted average common shares outstanding – assuming dilution		7,281		7,124		7,241		7,088

Basic earnings per common share	$	0.58	$	0.63	$	1.95	$	1.72

Diluted earnings per common share	$	0.56	$	0.61	$	1.88	$	1.65

Options on 77,024 and 91,372 shares of common stock were not included in the computation of diluted earnings per share for the three months ended September 30, 2017 and September 30, 2016, respectively, because the effect of these shares was anti-dilutive. Options on 60,849 and 64,549 shares of common stock were not included in the computation of diluted earnings per share for the nine months ended September 30, 2017 and September 30, 2016, respectively, because the effect of these shares was anti-dilutive.