Earnings Per Share

6 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

11. Earnings Per Share

The Company computes earnings per share using the treasury stock method. Under the treasury stock method, basic earnings per share are computed by dividing net income available to shareholders by the weighted average number of common shares outstanding during the period, and diluted earnings per share are computed by dividing net income available to shareholders by the weighted average number of common shares outstanding during the period plus all potentially dilutive common stock equivalents, except in cases where the effect of the common stock equivalent would be anti-dilutive.

Net income available to common shareholders and the weighted average number of common shares used to compute basic and diluted earnings per share were as follows:

	Three months ended				Six months ended
	June 30,				June 30,
(In thousands, except per share data)	2018		2017		2018		2017
Numerator:
Net income	$	6,835	$	1,230	$	12,479	$	2,430
Denominator:
Weighted average common shares outstanding		16,455		16,312		16,388		16,237
Weighted average dilutive securities		137		191		167		239
Weighted average common shares outstanding, diluted		16,592		16,503		16,555		16,476
Income per common share, basic	$	0.42	$	0.08	$	0.76	$	0.15
Income per common share, diluted	$	0.41	$	0.07	$	0.75	$	0.15

For the three and six months ended June 30, 2018 and 2017, certain common stock equivalents were excluded from the calculation of dilutive securities because their inclusion would either have been anti-dilutive or, for stock options, the exercise prices of those stock options were greater than the average market price of the Company’s common stock for the period. All of the Company’s non-participating unvested restricted shares were included in the computation of weighted average dilutive securities.

The following table summarizes the shares of common stock underlying the Company’s unvested stock options and performance awards that were excluded from the calculation of dilutive securities:

	Three months ended				Six months ended
	June 30,				June 30,
(In thousands)	2018		2017		2018		2017
Restricted stock		30		44		1		44
Performance awards		68		50		86		127