Earnings Per Share

9 Months Ended

Sep. 30, 2018

Note 15 – Earnings Per Share

Shares used in the computation of the Company’s basic and diluted earnings per common share are reconciled as follows:



	Three Months Ended September 30,		Nine Months Ended September 30,
	2018	2017	2018	2017

Weighted average common shares outstanding	12,325,718	12,293,998	12,316,497	12,282,522
Dilutive effect of employee stock options and nonvested share awards	-	-	-	-
Weighted average diluted common shares outstanding	12,325,718	12,293,998	12,316,497	12,282,522

Weighted average diluted common shares outstanding include the incremental shares that would be issued upon the assumed exercise of stock options and the assumed vesting of nonvested share awards. For the three months ended September 30, 2018 and 2017, 346,948 and 443,668 shares, respectively, were not included in the weighted average common shares outstanding calculation as they were anti-dilutive. For the nine months ended September 30, 2018 and 2017, 351,042 and 486,074 shares, respectively, were not included in the weighted average common shares outstanding calculation as they were anti-dilutive.