Net Income Per Common Share

6 Months Ended

Jun. 30, 2016

Basic net income per common share is calculated by dividing net income by the weighted average number of common shares outstanding during each period.

Diluted net income per common share is calculated by dividing net income by the weighted average number of common shares outstanding, as adjusted for the assumed exercise of dilutive common stock warrants and common stock options using the treasury stock method.

The following tables illustrate the reconciliation of the numerators and denominators of the basic and diluted earnings per common share (EPS) calculations. Dilutive securities in the tables below exclude common stock options and warrants with exercise prices that exceed the average market price of the Company’s common stock during the periods presented. Inclusion of these common stock options and warrants would be anti-dilutive to the diluted earnings per common share calculation.



(Dollars in thousands, except per share data)	Three Months Ended June 30, 2016
	Net Income		Weighted- average shares	Per share amount
Basic earnings per common share: Net income	$	2,314	7,947,146	$	0.29
Effect of dilutive securities:
Stock options and warrants			204,650
Diluted EPS:
Net income plus assumed conversion	$	2,314	8,151,796	$	0.28



(Dollars in thousands, except per share data)	Three Months Ended June 30, 2015
	Net Income		Weighted- average shares	Per share amount
Basic earnings per common share:
Net income	$	2,315	7,881,626	$	0.29
Effect of dilutive securities:
Stock options and warrants			187,603
Diluted EPS:
Net income plus assumed conversion	$	2,315	8,069,229	$	0.29

For the three months ended June 30, 2016 and 2015, 20,060 and 32,049 options, respectively, were anti-dilutive and were not included in the computation of diluted earnings per common share.



(Dollars in thousands, except per share data)	Six Months Ended June 30, 2016
	Net Income		Weighted- average shares	Per share amount
Basic earnings per common share: Net income	$	4,536	7,944,069	$	0.57
Effect of dilutive securities:
Stock options and warrants			200,389
Diluted EPS:
Net income plus assumed conversion	$	4,536	8,144,458	$	0.56



(Dollars in thousands, except per share data)	Six Months Ended June 30, 2015
	Net Income		Weighted- average shares	Per share amount
Basic earnings per common share:
Net income	$	4,575	7,880,270	$	0.58
Effect of dilutive securities:
Stock options and warrants			178,332
Diluted EPS:
Net income plus assumed conversion	$	4,575	8,058,602	$	0.57

For the six months ended June 30, 2016 and 2015, 20,060 and 44,192 options, respectively, were anti-dilutive and were not included in the computation of diluted earnings per common share.