Income Per Share of Common Stock (Tables)

9 Months Ended

Sep. 30, 2016

Income Per Share of Common Stock

Schedule of computation of basic and diluted income per common share

The following table sets forth the computation of basic and diluted income per common share (in thousands, except per share amounts):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Net income for basic and diluted income per common share	$	6,081	$	5,676	$	13,834	$	10,600
Weighted-average shares for basic income per common share		5,565		5,600		5,569		5,599
Effect of dilutive securities:
Employee and director stock options(1)		4		4		3		6
Adjusted weighted-average shares and assumed exercises for diluted income per common share		5,569		5,604		5,572		5,605
Basic net income per common share	$	1.09	$	1.01	$	2.48	$	1.89
Diluted net income per common share	$	1.09	$	1.01	$	2.48	$	1.89

(1) Excludes 7.5 stock options for the 2016 periods, and 34.8 and 17.4 stock options for the three- and nine-month periods 2015, as anti-dilutive because the exercise price exceeded the average per share market price for the periods presented.