EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2019

EARNINGS PER SHARE

EARNINGS PER SHARE

3.EARNINGS PER SHARE

Diluted earnings per share, which reflects the potential dilution that could occur if stock awards were fully vested and resulted in the issuance of common stock that then shared in our earnings, is computed by dividing net income by the weighted average number of common shares outstanding and common stock equivalents, after giving effect for dilutive shares issued.

The following shows the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2019 and 2018 (dollars in thousands, except per share data):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
(Numerator):
Net income	$	3,719	$	3,069	$	10,555	$	5,002
(Denominator):
Weighted average shares outstanding		10,740,712		10,712,745		10,730,477		8,278,371
Effect of restricted stock awards		11,466		21,720		13,642		26,318
Diluted weighted average shares outstanding		10,752,178		10,734,465		10,744,119		8,304,689
Income per common share:
Basic	$	0.35	$	0.29	$	0.98	$	0.60
Diluted	$	0.35	$	0.29	$	0.98	$	0.60