Three months

Nine months

Periods ended September 30, (in thousands, except share and per share data)

2016

2015

2016

2015

Net income

$

1,922

$

1,985

$

5,165

$

6,290

Less: Preferred stock dividends declared

—

(40

)

—

(120

)

Net income available to common shareholders

1,922

1,945

5,165

6,170

Less: Undistributed earnings allocated to participating securities

(15

)

(17

)

(41

)

(54

)

Net income allocated to common stock

$

1,907

$

1,928

$

5,124

$

6,116

Weighted-average common shares issued

2,758

2,731

2,754

2,728

Less: Unvested restricted stock awards

(21

)

(24

)

(22

)

(24

)

Weighted-average common shares outstanding used to calculate basic earnings per common share

2,737

2,707

2,732

2,704

Add: Dilutive effect of stock options

14

17

15

17

Weighted-average common shares outstanding used to calculate diluted earnings per common share

2,751

2,724

2,747

2,721

Earnings per common share (basic)

$

0.70

$

0.71

$

1.88

$

2.26

Earnings per common share (diluted)

$

0.69

$

0.71

$

1.87

$

2.25