Three months ended March 31, (in thousands, except per share data)

2016

2015

Net income

$

1,512

$

2,234

Less: Preferred stock dividends declared

—

(40

)

Net income available to common shareholders

1,512

2,194

Less: Undistributed earnings allocated to participating securities

(13

)

(19

)

Net income allocated to common stock

$

1,499

$

2,175

Weighted-average common shares issued

2,747

2,723

Less: Unvested restricted stock awards

(24

)

(24

)

Weighted average common shares outstanding used to calculate basic earnings per common share

2,723

2,699

Add: Dilutive effect of stock options

18

17

Weighted-average common shares outstanding used to calculate diluted earnings per common share

2,741

2,716

Earnings per common share (basic)

$

0.55

$

0.81

Earnings per common share (diluted)

$

0.55

$

0.80