6. 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 excluded for earnings per share purposes. The Company had no options to purchase common shares excluded from the computation of diluted earnings per common share, since all option exercise prices were below the average closing price for both the first quarter of 2018 and 2017.

	Three months ended March 31,
	2018		2017
	(In thousands, except per share data)
Numerator:
Net income	$	1,767	$	1,348
Denominator:
Weighted average common shares outstanding (basic)		18,079		18,814
Effect of stock options		102		108
Weighted average common shares outstanding (diluted)		18,181		18,922
Earnings per common share:
Basic	$	0.10	$	0.07
Diluted		0.10		0.07