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Earnings per share
 9 Months Ended
Sep. 30, 2017
Earnings Per Share [Abstract]  
Earnings per share
Earnings per share
 
The following is a summary of the basic and diluted earnings per share for the three and nine month periods ended September 30, 2017 and September 30, 2016.

 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2017
 
2016
 
2017
 
2016
Net income available to common shareholders
$
1,684,869

 
$
1,340,892

 
$
4,782,007

 
$
3,399,385

Weighted average common shares outstanding
8,234,783

 
5,834,520

 
7,994,661

 
5,820,834

Effect of dilutive stock options
97,897

 
261,813

 
91,685

 
271,201

Diluted shares
8,332,680

 
6,096,333

 
8,086,346

 
6,092,035

Basic earnings per common share
$
0.20

 
$
0.23

 
$
0.60

 
$
0.58

Diluted earnings per common share
$
0.20

 
$
0.22

 
$
0.59

 
$
0.56



For the three and nine months ended September 30, 2017 and 2016, the effects of outstanding antidilutive stock options are excluded from the computation of diluted earnings per common share because the exercise price of such options is higher than the market price. There were 13,166 and 18,100 antidilutive stock options as of September 30, 2017 and 2016, respectively.