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Income Per Share of Common Stock (Tables)
 9 Months Ended
Sep. 30, 2017
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,

 

 

    

2017

    

2016

    

2017

    

2016

 

Net income for basic and diluted income per common share

 

$

5,667

 

$

6,081

 

$

15,565

 

$

13,834

 

Weighted-average shares for basic income per common share

 

 

5,577

 

 
5,565

 

 

5,577

 

 

5,569

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee and director stock options(1)

 

 

10

 

 
4

 

 

 9

 

 

 3

 

Adjusted weighted-average shares and assumed exercises for diluted income per common share

 

 

5,587

 

 

5,569

 

 

5,586

 

 

5,572

 

Basic net income per common share

 

$

1.02

 

$

1.09

 

$

2.79

 

$

2.48

 

Diluted net income per common share

 

$

1.01

 

$

1.09

 

$

2.79

 

$

2.48

 

(1)

Excludes 7.5 stock options for the 2016 periods as anti-dilutive because the exercise price exceeded the average per share market price for the period.