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

2017

2016

2015

Net income

$

6,256

$

6,685

$

8,457

Less: Preferred stock dividends declared

—

(158

)

Net income applicable to common shareholders

6,256

6,685

8,299

Less: Undistributed earnings allocated to participating securities

(55

)

(52

)

(72

)

Net income allocated to common stock

$

6,201

$

6,633

$

8,227

Weighted average common shares issued

2,779

2,755

2,730

Less: Unvested restricted stock awards

(24

)

(22

)

(24

)

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

2,755

2,733

2,706

Add: Dilutive effect of stock options

19

16

17

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

2,774

2,749

2,723

Earnings per common share (basic)

$

2.25

$

2.43

$

3.04

Earnings per common share (diluted)

$

2.24

$

2.41

$

3.02