Earnings Per Common Share

9 Months Ended

Sep. 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 three and nine month periods ending September 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 September 30 ,						Nine months ended September 30 ,
	2018			2017			2018			2017
	(In thousands, except per share data)
Numerator:
Net income		$	2,329		$	1,551		$	5,840		$	4,288
Denominator:
Weighted average common shares outstanding (basic)			17,924			18,380			18,013			18,590
Effect of stock options			112			101			104			99
Weighted average common shares outstanding (diluted)			18,036			18,481			18,117			18,689
Earnings per common share:
Basic		$	0.13		$	0.08		$	0.32		$	0.23
Diluted			0.13			0.08			0.32			0.23