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Earnings Per Common Share
 3 Months Ended
Mar. 31, 2015
Earnings Per Common Share [Abstract]  
Earnings Per Common Share
4. Earnings Per Common Share

 

Basic earnings per share include only the weighted average common shares outstanding. Diluted earnings per share include the weighted average common shares outstanding and any potentially dilutive common stock equivalent shares in the calculation. Treasury shares are treated as retired for earnings per share purposes. Options to purchase 198,888 common shares, at exercise prices ranging from $2.98 to $4.70, and 8,625 common shares, at exercise prices ranging from $4.60 to $5.75, were outstanding as of March 31, 2015 and 2014, respectively, but were not included in the computation of diluted earnings per common share because to do so would be antidilutive. Dividends on preferred shares are deducted from net income in the calculation of earnings per common share.


Three months ended
March 31,
      2015       2014  
          (In thousands, except per share data)  
Numerator:        
Net income   $ 1,369     $ 930  
Preferred stock dividends     53       53  
Net income available to common shareholders   $ 1,316     $ 877  
                 
Denominator:                
Weighted average common shares  outstanding (basic)     18,851       18,786  
Effect of stock options     58       118  
Weighted average common shares outstanding (diluted)     18,909       18,904  
                 
Earnings per common share:                
Basic   $ 0.07     $ 0.05  
Diluted     0.07       0.05