Earnings Per Common Share

9 Months Ended

Sep. 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 September 30, 2020 and 2019, options to purchase 189,259 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 nine month periods ending September 30, 2020 and 2019, options to purchase 69,759 common shares, with an exercise price of $3.20 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				Nine months ended
	September 30,				September 30,
	2020		2019		2020		2019
	(In thousands, except per share data)
Numerator:
Net income	$	1,078	$	1,689	$	3,906	$	5,359
Denominator:
Weighted average common shares outstanding (basic)		17,059		17,278		17,051		17,443
Effect of stock options		3		82		12		81
Weighted average common shares outstanding (diluted)		17,062		17,360		17,063		17,524
Earnings per common share:
Basic	$	0.06	$	0.10	$	0.23	$	0.31
Diluted		0.06		0.10		0.23		0.31