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Earnings Per Common Share
 9 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]
6.
Earnings Per Common Share
 
The following table sets forth the computation of basic and diluted earnings per common share:
 
 
 
Three months ended
September 30,
 
Nine months ended
September 30,
 
 
 
2016
 
2015
 
2016
 
2015
 
Numerator for basic and diluted earnings per common share – Net income
 
$
7,045
 
$
6,696
 
$
21,478
 
$
19,860
 
Denominator:
 
 
 
 
 
 
 
 
 
 
 
 
 
Denominator for basic earnings per common share – weighted average common shares, including participating securities
 
 
8,976
 
 
9,238
 
 
8,980
 
 
9,247
 
Effect of warrants
 
 
-
 
 
-
 
 
-
 
 
99
 
Effect of employee stock options and restricted share activity
 
 
74
 
 
84
 
 
70
 
 
84
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Denominator for diluted earnings per common share share
 
 
9,050
 
 
9,322
 
 
9,050
 
 
9,430
 
Basic earnings per common share
 
$
0.78
 
$
0.72
 
$
2.39
 
$
2.15
 
Diluted earnings per common share
 
$
0.78
 
$
0.72
 
$
2.37
 
$
2.11
 
 
There were 7,300 and 12,550 shares under option granted to employees excluded from the diluted earnings per common share calculation as they were anti-dilutive for the three and nine months ended September 30, 2016, respectively. There were 6,250 and 16,750 shares under option granted to employees excluded from the diluted earnings per common share calculation as they were anti-dilutive for the three and nine months ended September 30, 2015, respectively.