Earnings Per Share

9 Months Ended

Sep. 30, 2016

EARNINGS PER SHARE

Basic earnings per share are calculated by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares (unvested restricted stock grants and stock options) had been issued, as well as any adjustment to income that would result from the assumed issuance of potential common shares that may be issued by us.

Potential common shares related to stock options are determined using the treasury stock method.



	Three Months Ended September 30, 2016					Three Months Ended September 30, 2015
(In thousands, except share and per share data)	Income (Numerator)		Shares (Denominator)	Per Share Amount		Income (Numerator)		Shares (Denominator)	Per Share Amount
Basic earnings per share:
Net earnings applicable to common stockholders	$	1,317	4,646,690	$	0.28	$	951	4,550,923	$	0.21
Effect of dilutive securities:
Unvested stock awards	—		37,618			—		35,210
Diluted earnings per share:
Net income applicable to common stockholders and assumed conversions	$	1,317	4,684,308	$	0.28	$	951	4,586,133	$	0.21



	Nine Months Ended September 30, 2016					Nine Months Ended September 30, 2015
(In thousands, except share and per share data)	Income (Numerator)		Shares (Denominator)	Per Share Amount		Income (Numerator)		Shares (Denominator)	Per Share Amount
Basic earnings per share:
Net earnings applicable to common stockholders	$	4,000	4,605,399	$	0.87	$	2,787	4,561,638	$	0.61
Effect of dilutive securities:
Unvested stock awards	—		28,074			—		30,062
Diluted earnings per share:
Net income applicable to common stockholders and assumed conversions	$	4,000	4,633,473	$	0.86	$	2,787	4,591,700	$	0.61

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There were 29,813 and 52,023 shares of unvested restricted stock awards and options outstanding during the three months ended September 30, 2016 and 2015, respectively, which were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive. There was 45,845 and 66,946 shares of unvested restricted stock awards and options outstanding during the nine months ended September 30, 2016 and 2015, respectively, which were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive.