Earnings Per Share

3 Months Ended

Mar. 31, 2016

Basic earnings per share (EPS), which excludes dilution, is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as stock options, stock appreciation rights settled in stock or restricted stock awards, result in the issuance of common stock which shares in the earnings of the Company. A reconciliation of the numerators and denominators of the basic and diluted EPS computations is as follows:



Basic Earnings Per Share	For the Quarter Ended March 31,
(In thousands, except share and per share amounts)	2016		2015
Net income available to common shareholders	$	3,403	$	2,466
Weighted average shares outstanding	10,953,845		10,923,590
Basic earnings per share	$	0.31	$	0.23



Diluted Earnings Per Share	For the Quarter Ended March 31,
(In thousands, except share and per share amounts)	2016		2015
Net income available to common shareholders	$	3,403	$	2,466
Weighted average shares outstanding	10,953,845		10,923,590
Effect of dilutive stock options	86,945		79,386
Weighted average shares of common stock and common stock equivalents	11,040,790		11,002,976
Diluted earnings per share	$	0.31	$	0.22

During the three month periods ended March 31, 2016 and 2015, options to purchase 8,850 and 147,403 shares of common stock, respectively, were not factored into the calculation of dilutive stock options because they were anti-dilutive.