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Earnings (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2017

Earnings (loss) per share:

Schedule of Earnings Per Share, Basic and Diluted

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.