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Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2017

5. Earnings (Loss) per Share

Basic earnings per share have been computed based upon the weighted average number of common shares outstanding during each period. Diluted earnings per share include the effect of all potential common shares outstanding during each period. The shares used in the calculation of basic and diluted earnings per share are shown below:

	Three months ended					Nine months ended
(Dollars in thousands, except per share amounts)	September 30					September 30
	2017			2016		2017		2016
Net (loss) earnings(1)	$	(2,661	)	$	2,156	$	1,927	$	6,875

Weighted average common shares outstanding - basic (2)		3,872,829			3,827,899		3,871,075		3,785,784
Assumed exercise of stock options (1)(2)		-			72,623		74,134		70,486
Weighted average common shares outstanding - diluted (1)(2)		3,872,829			3,900,522		3,945,209		3,856,270
Net (loss) earnings per share (1)(2):
Basic	$	(0.69	)	$	0.56	$	0.50	$	1.82
Diluted	$	(0.69	)	$	0.55	$	0.49	$	1.78

(1) Net (loss) earnings, earnings per share, and assumed exercise of stock options for the periods ended September 30, 2016 have been recast to reflect the early adoption of ASU 2016-09.

(2) Share and per share values for the periods ended September 30, 2016 have been adjusted to give effect to the 5% stock dividend paid during December 2016.

The diluted earnings per share computations for the three and nine months ended September 30, 2017 excluded 180,014 and 21,152, respectively, unexercised stock options because their inclusion would have been anti-dilutive during such periods. The diluted earnings per share computations for the three and nine months ended September 30, 2016 include all unexercised stock options because no stock options were anti-dilutive during such periods.