(6)Earnings per Common Share and Share Repurchase Plans

Basic earnings per share represents income available to common stockholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. There were no potentially dilutive common stock equivalents as of June 30, 2015. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations.

Earnings per common share have been computed as follows in the three months ended June 30, 2016 and 2015 and the six months ended June 30, 2016 and 2015:

	Three months ended						Six months ended
	June 30,						June 30,
(Dollars in thousands)	2016			2015			2016			2015
Net income applicable to common stock	$	946		$	302		$	1,585		$	675


Weighted average common shares outstanding	4,680,322			4,919,088			4,741,221			4,933,714
Less: Average unallocated ESOP shares	(358,326		)	(374,163		)	(360,289		)	(376,126		)

Weighted average number of common shares outstanding — basic	4,321,996			4,544,925			4,380,932			4,557,588
Dilutive impact of stock options	—			—			—			—
Dilutive impact of restricted stock	2,065			—			1,246			—

Weighted average number of common shares outstanding — diluted	4,324,061			4,544,925			4,382,178			4,557,588

Earnings per share — basic	$	0.22		$	0.07		$	0.36		$	0.15

Earnings per share — diluted	$	0.22		$	0.07		$	0.36		$	0.15

Stock options for 10,087 and 7,553 shares of common stock were not considered in computing diluted earnings per share for the three and six months ended June 30, 2016 because they were anti-dilutive. There were no stock options granted for the three and six months ended June 30, 2015 and as such, there was no impact on dilutive earnings per share.

On January 30, 2015, the Corporation authorized a program to repurchase, from time to time and as market and business conditions warrant, up to 247,499 shares of the Corporation’s common stock. During the three months ended June 30, 2016, and 2015, 71,659 and 38,900 shares were repurchased for a cost of $932,000 and $435,000, respectively. During the six months ended June 30, 2016 and 2015, 71,659 and 47,600 shares were repurchased at a cost of $932,000 and $532,000, respectively. The 71,659 shares repurchased during the three months ended June 30, 2016 were repurchased from one stockholder at a price of $13.00 per share. On May 19, 2016, the Corporation announced it had completed this first stock repurchase program.

On May 18, 2016, the Company authorized a program to repurchase, from time to time and as business conditions warrant, up to 235,086 shares of the Corporation’s common stock. During the three and six months ended June 30, 2016, 235,086 shares were repurchased for a cost of $3.1 million. The 235,086 shares were repurchased from one stockholder at a price of $13.00 per share. On June 14, 2016, the Corporation announced it had completed this stock repurchase program.