Note 3 – Earnings Per Share

Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of potential common stock equivalents (stock-based awards). The following table provides information relating to the calculation of earnings per common share:


(In thousands, except per share data)	2020		2019
Net income from continuing operations	$	3,118	$	3,828
Net loss from discontinued operations		-		(74)
Net Income	$	3,118	$	3,754
Weighted average shares outstanding - Basic		12,513		12,769
Dilutive effect of common stock equivalents-options		5		4
Weighted average shares outstanding - Diluted		12,518		12,773

Basic earnings per common share
Income from continuing operations	$	0.25	$	0.30
Loss from discontinued operations		—		(0.01)
Net income	$	0.25	$	0.29

Diluted earnings per common share
Income from continuing operations	$	0.25	$	0.30
Loss from discontinued operations		—		(0.01)
Net income	$	0.25	$	0.29

There were no weighted average common stock equivalents excluded from the calculation of diluted earnings per share for the three months ended March 31, 2020 and 2019.