Earnings Per Common Share

9 Months Ended

Sep. 30, 2019

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. For the three and nine month periods ending September 30, 2019, options to purchase 12,000 common shares, with an exercise price of $4.19 to $4.22, were outstanding but were not included in the computation of diluted earnings per common share because to do so would be antidilutive. There were no antidilutive securities during either period of 2018.


	Three months ended				Nine months ended
	September 30,				September 30,
	2019		2018		2019		2018
	(In thousands, except per share data)
Numerator:
Net income	$	1,689	$	2,329	$	5,359	$	5,840
Denominator:
Weighted average common shares outstanding (basic)		17,278		17,924		17,443		18,013
Effect of stock options		82		112		81		104
Weighted average common shares outstanding (diluted)		17,360		18,036		17,524		18,117
Earnings per common share:
Basic	$	0.10	$	0.13	$	0.31	$	0.32
Diluted		0.10		0.13		0.31		0.32