EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

The two-class method is used in the calculation of basic and diluted earnings per share. Under the two-class method, earnings available to common shareholders for the period are allocated between common shareholders and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings. The factors used in the earnings per share computation follow:

	Three Months Ended March 31,
	2020		2019
Basic
Net income available to common shareholders	$	(1,148)	$	2,901
Less: earnings allocated to participating securities	(7)		(34)
Net income allocated to common shareholders	$	(1,155)	$	2,867
Weighted average common shares outstanding including participating securities	14,849,535		14,561,721
Less: Participating securities	(90,575)		(168,638)
Average shares	14,758,960		14,393,083
Basic earnings per common share	$	(0.08)	$	0.20

	Three Months Ended March 31,
	2020		2019
Diluted
Net income allocated to common shareholders	$	(1,155)	$	2,867
Weighted average common shares outstanding for basic earnings per common share	14,758,960		14,393,083
Add: Dilutive effects of assumed exercises of stock options	—		411,747
Add: Dilutive effects of assumed restricted stock units	—		—
Average shares and dilutive potential common shares	14,758,960		14,804,830
Dilutive earnings per common share	$	(0.08)	$	0.19

For the three months ended March 31, 2020 and 2019, stock options for 988,504 and 768,458 shares of common stock, respectively, were not considered in computing diluted earnings per common share because they were antidilutive.