Earnings Per Common Share

6 Months Ended

Jun. 30, 2020

5. 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 month periods ending June 30, 2020 and 2019, options to purchase 216,759 common shares, with an exercise price of $2.96 to $4.22, and options to purchase 12,000 common shares, with an exercise price of $4.19 to $4.22, respectively, were outstanding but were not included in the computation of diluted earnings per common share because to do so would be antidilutive. For the six month periods ending June 30, 2020 and 2019, options to purchase 29,500 common shares, with an exercise price of $3.90 to $4.22, and options to purchase 12,000 common shares, with an exercise price of $4.19 to $4.22, respectively, 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				Six months ended
	June 30,				June 30,
	2020		2019		2020		2019
	(In thousands, except per share data)
Numerator:
Net income	$	1,419	$	1,792	$	2,828	$	3,670
Denominator:
Weighted average common shares outstanding (basic)		17,052		17,476		17,047		17,527
Effect of stock options		4		84		23		84
Weighted average common shares outstanding (diluted)		17,056		17,560		17,070		17,611
Earnings per common share:
Basic	$	0.08	$	0.10	$	0.17	$	0.21
Diluted		0.08		0.10		0.17		0.21