| Computations of Earnings Per Share |
Earnings per share for the years ended December 31 were calculated as follows (in thousands, except share and per share data): | | | | | | | | | | | | 2017 | | 2016 | | 2015 | Net income | $ | 12,972 |
| | 12,482 |
| | 11,474 |
| Less allocation of earnings and dividends to participating securities | 7 |
| | 13 |
| | — |
| Net income allocated to common shareholders | 12,965 |
| | 12,469 |
| | 11,474 |
| | | | | | | Weighted average common shares outstanding, gross | 10,011,358 |
| | 9,958,300 |
| | 9,704,965 |
| Less average participating securities | 5,783 |
| | 10,243 |
| | — |
| Weighted average number of shares outstanding used in the calculation of basic earnings per common share | 10,005,575 |
| | 9,948,057 |
| | 9,704,965 |
| Add dilutive effect of: | |
| | |
| | |
| Stock options | 6,936 |
| | 10,765 |
| | 17,174 |
| Stock warrants | — |
| | 17,548 |
| | 89,328 |
| Adjusted weighted average number of shares outstanding used in the calculation of diluted earnings per common share | 10,012,511 |
| | 9,976,370 |
| | 9,811,467 |
| | | | | | | Earnings per common share: | |
| | |
| | |
| Basic | $ | 1.30 |
| | 1.26 |
| | 1.18 |
| Diluted | 1.29 |
| | 1.25 |
| | 1.17 |
|
|