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Net Income per Common Share
 9 Months Ended
Sep. 30, 2017
Earnings Per Share [Abstract]  
Net Income per Common Share
Net Income per Common Share
Basic net income per common share is computed based on the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed similarly but includes the effect of the assumed exercise of restricted stock under the treasury stock method.
The computation of basic and diluted net income per common share is as follows:

 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2017
 
2016
 
2017
 
2016
Net income
$
855,000

 
$
1,029,000

 
$
4,704,000

 
$
5,379,000

 
 
 
 
 
 
 
 
Weighted average common shares outstanding — basic
7,711,000

 
7,635,000

 
7,683,000

 
7,616,000

Effect of dilutive securities
46,000

 
32,000

 
56,000

 
33,000

Weighted average common and potentially issuable common shares outstanding — diluted
7,757,000

 
7,667,000

 
7,739,000

 
7,649,000

 
 
 
 
 
 
 
 
Basic net income per common share
$
0.11

 
$
0.13

 
$
0.61

 
$
0.71

Diluted net income per common share
$
0.11

 
$
0.13

 
$
0.61

 
$
0.70

 
 
 
 
 
 
 
 
Dividends declared and paid per share
$
0.05

 
$
—

 
$
0.05

 
$
—