Earnings Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

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)	2020		2019		2020		2019
Net income from continuing operations	$	3,391	$	4,214	$	11,844	$	12,270
Net loss from discontinued operations		-		(8)		-		(86)
Net Income	$	3,391	$	4,206	$	11,844	$	12,184
Weighted average shares outstanding - Basic		12,483		12,764		12,507		12,771
Dilutive effect of common stock equivalents-options		1		5		2		5
Weighted average shares outstanding - Diluted		12,484		12,769		12,509		12,776
Basic earnings per common share
Income from continuing operations	$	0.27	$	0.33	$	0.95	$	0.96
Loss from discontinued operations		—		—		—		(0.01)
Net income	$	0.27	$	0.33	$	0.95	$	0.95
Diluted earnings per common share
Income from continuing operations	$	0.27	$	0.33	$	0.95	$	0.96
Loss from discontinued operations		—		—		—		(0.01)
Net income	$	0.27	$	0.33	$	0.95	$	0.95

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, 2020 and 2019.