Earnings Per Common Share

6 Months Ended

Jun. 30, 2014

Earnings Per Common Share [Abstract]

Earnings Per Common Share

4. Earnings Per Common Share

Basic earnings per share include only the weighted average common shares outstanding. Diluted earnings per share include the weighted average common shares outstanding and any potentially dilutive common stock equivalent shares in the calculation. Treasury shares are treated as retired for earnings per share purposes. Options to purchase 3,625 common shares, at exercise prices ranging from $4.60 to $5.22, and 101,070 common shares, at exercise prices ranging from $3.23 to $5.75, were outstanding as of June 30, 2014 and 2013, respectively, but were not included in the computation of diluted earnings per common share because to do so would be antidilutive. Dividends on preferred shares are deducted from net income in the calculation of earnings per common share.

	Three months ended June 30,				Six months ended June 30,
	2014		2013		2014		2013
	(In thousands, except per share data)
Numerator:
Net income	$	979	$	1,070	$	1,909	$	2,126
Preferred stock dividends		52		52		105		104
Net income available to common shareholders	$	927	$	1,018	$	1,804	$	2,022
Denominator:
Weighted average common shares outstanding (basic)		18,795		19,039		18,790		19,103
Effect of stock options		141		89		130		89
Weighted average common shares outstanding (diluted)		18,936		19,128		18,920		19,192
Earnings per common share:
Basic	$	0.05	$	0.05	$	0.10	$	0.11
Diluted		0.05		0.05		0.10		0.11