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Earnings Per Share
 12 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
EARNINGS PER SHARE

NOTE 12 - EARNINGS PER SHARE



The following table sets forth the computations of basic and diluted earnings per share:







 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



Years Ended December 31,



 2016 

 

 2015 

 

 2014 



(In Thousands, Except Per Share Data)



 

 

 

 

 

 

 

 

Numerator, net income

$

 6,711 

 

$

 5,908 

 

$

 7,657 



 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 3,877 

 

 

 3,682 

 

 

 3,645 

Less:  Weighted average unvested restricted shares

 

 (14)

 

 

 (9)

 

 

 -

Denominator:  Basic earnings per share

 

 3,863 

 

 

 3,673 

 

 

 3,645 



 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 3,863 

 

 

 3,682 

 

 

 3,645 

Add:  Dilutive effect of stock options

 

 22 

 

 

 9 

 

 

 12 

Denominator:  Diluted earnings per share

 

 3,885 

 

 

 3,691 

 

 

 3,657 



 

 

 

 

 

 

 

 

Basic earnings per common share

$

 1.74 

 

$

 1.60 

 

$

 2.10 



 

 

 

 

 

 

 

 

Diluted earnings per common share

$

 1.73 

 

$

 1.60 

 

$

 2.10 



Stock options which had no intrinsic value because their effect would be anti-dilutive and therefore would not be included in the diluted EPS calculation were 16,000,  14,000, and 12,500 for the years ended December 31, 2016, 2015 and 2014, respectively, based on the closing price of the Company’s common stock which was $33.14,  $28.75 and $29.05 at December 31, 2016, 2015 and 2014, respectively.