Earnings per Share

6 Months Ended

Jun. 30, 2020

Earnings per Share

Earnings per Share

(3)  Earnings per Share

Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period.  Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company.  The following table sets forth the computation of basic and diluted EPS for the three and six months ended June 30, 2020 and June 30, 2019 (dollars in thousands, except per share data):

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Net income available to common stockholders	$	1,137	$	2,098	$	2,247	$	4,266
Basic EPS:
Weighted average shares outstanding		4,513,403		4,652,673		4,528,905		4,655,985
Basic EPS	$	0.25	$	0.45	$	0.50	$	0.92
Diluted EPS:
Weighted average shares outstanding		4,513,403		4,652,673		4,528,905		4,655,985
Dilutive effect of common stock equivalents		68,443		93,302		77,460		99,495
Total diluted weighted average shares outstanding		4,581,846		4,745,975		4,606,365		4,755,480
Diluted EPS	$	0.25	$	0.44	$	0.49	$	0.90

Options to purchase 233,339 and 255,030 shares of common stock were outstanding as of June 30, 2020 and June 30, 2019, respectively, with an average exercise price of $17.02 and $17.09, respectively. There were 457 and 85 anti-dilutive shares for the three and six months ended June 30, 2020, respectively, which were excluded from the calculation of diluted EPS. There were no anti-dilutive shares as of June 30, 2019.

As of June 30, 2020 and June 30, 2019, there were 8,297 and 4,797 shares of outstanding restricted stock, respectively, that were not fully vested and were taken into consideration in the computation of both basic and diluted earnings per common share.