Earnings Per Share

The following table shows the calculation of both basic and diluted earnings per share (“EPS”) for the three and nine months ended September 30, 2017 and 2016, respectively. The numerator of both the basic and diluted EPS is equivalent to net income. The weighted average number of shares outstanding used as the denominator for diluted EPS is increased over the denominator used for basic EPS by the effect of potentially dilutive common stock options utilizing the treasury stock method.



	For the Three Months Ended September 30,
	2017		2016
(In thousands, except for share and per share data)
Basic earnings per share:
Net income	$	7,002	$	4,425
Weighted average shares outstanding	20,409,696		10,595,599
Basic earnings per share	$	0.34	$	0.42
Diluted earnings per share:
Net income	$	7,002	$	4,425
Weighted average shares outstanding	20,409,696		10,595,599
Dilutive effect of stock options	99,179		93,568
Weighted average diluted shares outstanding	20,508,875		10,689,167
Diluted earnings per share	$	0.34	$	0.41



	For the Nine Months Ended September 30,
	2017		2016
(In thousands, except for share and per share data)
Basic earnings per share:
Net income	$	13,455	$	13,398
Weighted average shares outstanding	17,156,521		10,575,088
Basic earnings per share	$	0.77	$	1.27
Diluted earnings per share:
Net income	$	13,455	$	13,398
Weighted average shares outstanding	17,156,521		10,575,088
Dilutive effect of stock options	116,846		69,809
Weighted average diluted shares outstanding	17,273,367		10,644,897
Diluted earnings per share	$	0.77	$	1.26

None of the stock options were considered anti-dilutive as of September 30, 2017 and 2016.