Earnings Per Share

9 Months Ended

Sep. 30, 2019

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,
	2019	2018	2019	2018

Weighted average common shares outstanding	12,359,478	12,325,718	12,349,670	12,316,497
Dilutive effect of employee stock options and nonvested share awards	-	-	-	-
Weighted average diluted common shares outstanding	12,359,478	12,325,718	12,349,670	12,316,497

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, 2019 and 2018, 661,048 and 346,948 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, 2019 and 2018, 665,903 and 351,042 shares, respectively, were not included in the weighted average common shares outstanding as they were anti-dilutive.