Note 3 – Earnings Per Share

Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of potential common stock equivalents (stock-based awards). The following table provides information relating to the calculation of earnings per common share:


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
(In thousands, except per share data)	2019		2018		2019		2018
Net income from continuing operations	$	4,214	$	4,256	$	12,270	$	11,910
Net (loss) income from discontinued operations		(8)		198		(86)		993
Net Income	$	4,206	$	4,454	$	12,184	$	12,903
Weighted average shares outstanding - Basic		12,764		12,748		12,771		12,736
Dilutive effect of common stock equivalents-options		5		13		5		13
Weighted average shares outstanding - Diluted		12,769		12,761		12,776		12,749

Basic earnings per common share
Income from continuing operations	$	0.33	$	0.33	$	0.96	$	0.93
(Loss) income from discontinued operations		—		0.02		(0.01)		0.08
Net income	$	0.33	$	0.35	$	0.95	$	1.01

Diluted earnings per common share
Income from continuing operations	$	0.33	$	0.33	$	0.96	$	0.93
(Loss) income from discontinued operations		—		0.02		(0.01)		0.08
Net income	$	0.33	$	0.35	$	0.95	$	1.01

There were no weighted average common stock equivalents excluded from the calculation of diluted earnings per share for the three and nine months ended September 30, 2019 and 2018.