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Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2018

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,
	2018		2017			2018		2017
Net earnings (loss)	$	3,020	$	(2,661	)	$	7,964	$	1,927

Weighted average common shares outstanding - basic (1)		4,158,016		4,066,470			4,136,091		4,064,629
Assumed exercise of stock options (1)		16,996		-			16,324		77,840
Weighted average common shares outstanding - diluted (1)		4,175,012		4,066,470			4,152,415		4,142,469
Net earnings (loss) per share (1):
Basic	$	0.73	$	(0.65	)	$	1.93	$	0.47
Diluted	$	0.72	$	(0.65	)	$	1.92	$	0.47

(1)	Share and per share values for the periods ended September 30, 2017 have been adjusted to give effect to the 5% stock dividend paid during December 2017.

The diluted earnings per share computations for the three months ended September 30, 2018 and 2017 excluded 29,387 and 177,170, respectively, unexercised stock options because their inclusion would have been anti-dilutive during such periods. The diluted earnings per share computations for the nine months ended September 30, 2018 and 2017 excluded 29,387 and 22,210, respectively, unexercised stock options because their inclusion would have been anti-dilutive during such periods.