Earnings Per Share

9 Months Ended

Sep. 30, 2017

EARNINGS PER SHARE

The computations of basic and diluted earnings per share follow:



	For the Three Months Ended September 30,
	2017					2016
Dollars in thousands, except per share amounts	Income (Numerator)		Common Shares (Denominator)	Per Share		Income (Numerator)		Common Shares (Denominator)	Per Share
Net income	$	5,930				$	4,281

Basic earnings per share	$	5,930	12,299,987	$	0.48	$	4,281	10,692,423	$	0.40

Effect of dilutive securities:
Stock options			10,911					12,865
Stock appreciation rights (SARs)			8,061					21,851

Diluted earnings per share	$	5,930	12,318,959	$	0.48	$	4,281	10,727,139	$	0.40



	For the Nine Months Ended September 30,
	2017					2016
Dollars in thousands, except per share amounts	Income (Numerator)		Common Shares (Denominator)	Per Share		Income (Numerator)		Common Shares (Denominator)	Per Share
Net income	$	9,592				$	12,586

Basic earnings per share	$	9,592	11,781,342	$	0.81	$	12,586	10,682,129	$	1.18

Effect of dilutive securities:
Stock options			11,336					8,774
Stock appreciation rights (SARs)			14,324					1,443

Diluted earnings per share	$	9,592	11,807,002	$	0.81	$	12,586	10,692,346	$	1.18

Stock option and stock appreciation right (SAR) grants are disregarded in this computation if they are determined to be anti-dilutive. Our anti-dilutive stock options for the quarter and nine months ended September 30, 2017 were 23,400 shares, and totaled 33,600 for the three months ended September 30, 2016 and 57,000 for the nine months ended September 30, 2016. Our anti-dilutive SARs for three and nine months ended September 30, 2017 were 87,615.