Information regarding the calculation of basic and diluted net income per common share for the three and nine months ended June 30, 2017 and 2016 is as follows (dollars in thousands, except per share amounts):



	Three Months Ended June 30,				Nine Months Ended June 30,
	2017		2016		2017		2016
Basic net income per common share computation
Numerator – net income	$	4,277	$	2,547	$	10,552	$	7,455

Denominator – weighted average common shares outstanding	7,269,564		6,822,608		7,088,134		6,846,373

Basic net income per common share	$	0.59	$	0.37	$	1.49	$	1.09

Diluted net income per common share computation
Numerator – net income	$	4,277	$	2,547	$	10,552	$	7,455

Denominator – weighted average common shares outstanding	7,269,564		6,822,608		7,088,134		6,846,373
Effect of dilutive stock options (1)	162,607		93,041		153,941		69,291
Effect of dilutive stock warrant (2)	—		195,550		106,411		175,997
Weighted average common shares outstanding - assuming dilution	7,432,171		7,111,199		7,348,486		7,091,661

Diluted net income per common share	$	0.58	$	0.36	$	1.44	$	1.05

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(1) For the three and nine months ended June 30, 2017 all outstanding options were included in the computation of diluted net income per share. For the nine months ended June 30, 2016, average options to purchase 56,358 shares of common stock were outstanding but not included in the computation of diluted net income per common share because their effect would have been anti-dilutive. For the three months ended June 30, 2016 all outstanding options were included in the computation of diluted earnings per share.

(2) Represented a warrant to purchase 370,899 shares of the Company's common stock at an exercise price of $6.73 per share (subject to anti-dilution adjustments) at any time through December 23, 2018 (the "Warrant"). The Warrant was granted on December 23, 2008 to the U.S. Treasury Department ("Treasury") as part of the Company's participation in the Treasury's Troubled Asset Relief Program ("TARP"). On June 12, 2013, the Treasury sold the Warrant to private investors. On January 31, 2017, the Warrant was exercised and 370,899 shares of the Company's common stock were issued in exchange for $2.50 million.