Earnings Per Common Share

9 Months Ended

Sep. 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 74,304 common shares, at exercise prices ranging from $3.20 to $4.70, and 3,625 common shares, at exercise prices ranging from $4.60 to $5.22, were outstanding as of September 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 September 30,						Nine months ended September 30,
	2015			2014			2015			2014
	(In thousands, except per share data)
Numerator:
Net income	$	1,833		$	365		$	4,623		$	2,274
Preferred stock dividends		(52	)		(53	)		(157	)		(158	)
Net income available to common shareholders	$	1,781		$	312		$	4,466		$	2,116

Denominator:
Weighted average common shares outstanding (basic)		18,869			18,795			18,860			18,792
Effect of stock options		82			113			68			124
Weighted average common shares outstanding (diluted)		18,951			18,908			18,928			18,916

Earnings per common share:
Basic	$	0.09		$	0.02		$	0.24		$	0.11
Diluted		0.09			0.02			0.24			0.11