EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2018

Earnings per share for the years ended December 31 were calculated as follows (in thousands, except share and per share data):



	2018		2017	2016
Net income	$	14,845	12,972	12,482
Less allocation of earnings and dividends to participating securities	18		7	13
Net income allocated to common shareholders	14,827		12,965	12,469

Weighted average common shares outstanding, gross	11,950,360		10,011,358	9,958,300
Less average participating securities	15,010		5,783	10,243
Weighted average number of shares outstanding used in the calculation of basic earnings per common share	11,935,350		10,005,575	9,948,057
Add dilutive effect of:
Stock options	6,903		6,936	10,765
Stock warrants	—		—	17,548
Adjusted weighted average number of shares outstanding used in the calculation of diluted earnings per common share	11,942,253		10,012,511	9,976,370

Earnings per common share:
Basic	$	1.24	1.30	1.26
Diluted	1.24		1.29	1.25