Years ended December 31, (in thousands, except per share amounts)

2016

2015

2014

Net income

$

6,685

$

8,457

$

2,521

Less: Preferred stock dividends declared

—

(158

)

(166

)

Net income allocated to common stock

6,685

8,299

2,355

Less: Undistributed earnings allocated to participating securities

(52

)

(72

)

(27

)

Net income allocated to common stock

$

6,633

$

8,227

$

2,328

Weighted average common shares issued

2,755

2,730

1,785

Less: Unvested restricted stock awards

(22

)

(24

)

(21

)

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

2,733

2,706

1,764

Add: Dilutive effect of stock options

16

17

1

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

2,749

2,723

1,765

Earnings per common share (basic)

$

2.43

$

3.04

$

1.32

Earnings per common share (diluted)

$

2.41

$

3.02

$

1.32