Earnings Per Common Share

6 Months Ended

Jun. 30, 2019

6. 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 excluded for earnings per share purposes. For the three and six month periods ending June 30, 2019, options to purchase 12,000 common shares, with an exercise price of $4.19 to $4.22, were outstanding but were not included in the computation of diluted earnings per common share because to do so would be

antidilutive. There were no antidilutive securities during either period of 2018

	Three months ended June 30,				Six months ended June 30,
	2019		2018		2019		2018
	(In thousands, except per share data)
Numerator:
Net income	$	1,792	$	1,744	$	3,670	$	3,511
Denominator:
Weighted average common shares outstanding (basic)		17,476		18,038		17,527		18,058
Effect of stock options		84		102		84		100
Weighted average common shares outstanding (diluted)		17,560		18,140		17,611		18,158
Earnings per common share:
Basic	$	0.10	$	0.10	$	0.21	$	0.19
Diluted		0.10		0.10		0.21		0.19