18. Earnings Per Common Share

12 Months Ended

Dec. 31, 2014

Notes to Financial Statements

18. Earnings Per Common Share

Basic net earnings per common share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding. Diluted earnings per share reflect, in periods in which they have a dilutive effect, the impact of common shares issuable upon exercise of stock options.  The computation of diluted earnings per share excludes those options with an exercise price in excess of the average market price of the Company’s common shares during the periods presented.

The computation of diluted earnings per share excludes outstanding options in periods where the exercise of such options would be anti-dilutive. For the years ended December 31, 2014 and 2013, the inclusion of   63,356 and 27,094 options in the computation of diluted earnings per share would have been anti-dilutive for the periods and, as a result, the weighted average number of common shares used in the calculation of diluted earnings per common has not been adjusted for the effect of such options.

The reconciliation of the weighted average number of shares of Common Stock used in the calculation of basic and diluted earnings per common share for the years ended December 31, 2014 and 2013 follows:

	Year ended
	December 31,
	2014		2013
Weighted average number of shares outstanding		7,287,657		3,975,115
Effect of dilutive securities, common share equivalents		69,305		84,609
Weighted average number of shares outstanding,
used for computing diluted earnings per share		7,356,962		4,059,724