18. Earnings Per Common Share

12 Months Ended

Dec. 31, 2015

Weighted average amortization period of identified intangible assets of finite useful life

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 common 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 common 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 common share excludes outstanding options in periods where the exercise of such options would be anti-dilutive. For the years ended December 31, 2015 and 2014, the inclusion of -0- and 63,356 options, respectively, in the computation of diluted earnings per common 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 share has not been adjusted for the effect of such options.

The reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings per common share follows:

	Year ended
	December 31,
	2015		2014
Weighted average number of shares outstanding		7,331,114		7,287,657
Effect of dilutive securities, common share equivalents		46,766		69,305
Weighted average number of shares outstanding, used for computing diluted earnings per share		7,377,880		7,356,962