Earnings Per Share

3 Months Ended

Mar. 31, 2017

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 Ended March 31,
(In thousands, except share and per share amounts)	2017		2016
Net Income	$	4,250	$	3,403
Less: Preferred stock dividends and accretion	—		—
Net income available to common shareholders	$	4,250	$	3,403
Weighted average shares outstanding	12,167,810		10,953,845
Basic earnings per share	$	0.35	$	0.31



Diluted Earnings Per Share	For the Quarter Ended Ended March 31,
(In thousands, except share and per share amounts)	2017		2016
Net income available to common shareholders	$	4,250	$	3,403
Weighted average shares outstanding	12,167,810		10,953,845
Effect of dilutive stock options	149,769		86,945
Weighted average shares of common stock and common stock equivalents	12,317,579		11,040,790
Diluted earnings per share	$	0.35	$	0.31

No outstanding options and restricted stock awards were anti-dilutive at March 31, 2017. Outstanding options and restricted stock of 8,850 were not factored into the calculation of dilutive stock options at March 31, 2016, because they were anti-dilutive.