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

2018

2017

2016

Net income applicable to common shareholders

$

8,824

$

6,256

$

6,685

Less: Undistributed earnings allocated to participating securities

(111

)

(55

)

(52

)

Net income allocated to common stock

$

8,713

$

6,201

$

6,633

Weighted average common shares issued

2,798

2,779

2,755

Less: Unvested restricted stock awards

(35

)

(24

)

(22

)

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

2,763

2,755

2,733

Add: Dilutive effect of stock options

17

19

16

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

2,780

2,774

2,749

Earnings per common share (basic)

$

3.15

$

2.25

$

2.43

Earnings per common share (diluted)

$

3.13

$

2.24

$

2.41