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Earnings Per Share
 12 Months Ended
Dec. 31, 2017
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE 12 - EARNINGS PER SHARE



The following table sets forth the computations of basic and diluted earnings per share:







 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



Years Ended December 31,



 2017 

 

 2016 

 

 2015 



(In Thousands, Except Per Share Data)



 

 

 

 

 

 

 

 

Numerator, net income

$

 8,198 

 

$

 6,711 

 

$

 5,908 



 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 6,238 

 

 

 5,816 

 

 

 5,523 

Less:  Weighted average unvested restricted shares

 

 (28)

 

 

 (21)

 

 

 (14)

Denominator:  Basic earnings per share

 

 6,210 

 

 

 5,795 

 

 

 5,510 



 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 6,210 

 

 

 5,795 

 

 

 5,523 

Add:  Dilutive effect of stock options

 

 61 

 

 

 33 

 

 

 14 

Denominator:  Diluted earnings per share

 

 6,271 

 

 

 5,828 

 

 

 5,537 



 

 

 

 

 

 

 

 

Basic earnings per common share

$

 1.32 

 

$

 1.16 

 

$

 1.07 



 

 

 

 

 

 

 

 

Diluted earnings per common share

$

 1.31 

 

$

 1.15 

 

$

 1.07 



Stock options which had no intrinsic value because their effect would be anti-dilutive and therefore would not be included in the diluted EPS calculation were 0,  24,000, and 21,000 for the years ended December 31, 2017, 2016 and 2015, respectively, based on the closing price of the Company’s common stock which was $33.00,  $22.09 and $19.17 at December 31, 2017, 2016 and 2015, respectively.  All share and per share information has been restated to reflect the 50% stock dividend declared in 2017.