Earnings Per Common Share

6 Months Ended

Jun. 30, 2015

Earnings Per Common Share [Abstract]

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 179,304 common shares, at exercise prices ranging from $3.18 to $4.70, and 3,625 common shares, at exercise prices ranging from $4.60 to $5.22, were outstanding as of June 30, 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 June 30,						Six months ended June 30,
	2015			2014			2015			2014
	(In thousands, except per share data)
Numerator:
Net income	$	1,421		$	979		$	2,790		$	1,909
Preferred stock dividends		(52	)		(52	)		(105	)		(105	)
Net income available to common shareholders	$	1,369		$	927		$	2,685		$	1,804

Denominator:
Weighted average common shares outstanding (basic)		18,859			18,795			18,855			18,790
Effect of stock options		82			141			68			130
Weighted average common shares outstanding (diluted)		18,941			18,936			18,923			18,920

Earnings per common share:
Basic	$	0.07		$	0.05		$	0.14		$	0.10
Diluted		0.07			0.05			0.14			0.10