Earnings Per Common Share

6 Months Ended

Jun. 30, 2018

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. For the six month period ending June 30, 2017, options to purchase 10,000 common shares, with an exercise price of $4.00, were outstanding but were not included in the computation of diluted earnings per common share because to do so would be antidilutive.

	Three months ended June 30,				Six months ended June 30,
	2018		2017		2018		2017
	(In thousands, except per share data)
Numerator:
Net income	$	1,744	$	1,389	$	3,511	$	2,737
Denominator:
Weighted average common shares outstanding (basic)		18,038		18,580		18,058		18,696
Effect of stock options		102		119		100		112
Weighted average common shares outstanding (diluted)		18,140		18,699		18,158		18,808
Earnings per common share:
Basic	$	0.10	$	0.07	$	0.19	$	0.15
Diluted		0.10		0.07		0.19		0.15