NOTE

. EARNINGS PER COMMON SHARE

The following table presents a computation of basic and diluted earnings per share for the years ended

December 31, 2018,

2017

and

2016.

(Amounts in thousands, except per share information)
Earnings Per Share	2018		2017		2016
Numerators:
Net income	$	15,730	$	7,344	$	5,259
Denominators:
Weighted average number of common shares outstanding - basic (1)		16,248		15,207		13,367
Effect of potentially dilutive common shares (2)		84		103		58
Weighted average number of common shares outstanding - diluted		16,332		15,310		13,425
Earnings per common share:
Basic	$	0.97	$	0.48	$	0.39
Diluted	$	0.96	$	0.48	$	0.39
Anti-dilutive options not included in earnings per share calculation		—		—		45
Anti-dilutive restricted shares not included in diluted earnings per share calculation		—		7		—

( 1 ) Excludes unvested restricted shares because they do not have dividend or voting rights.
( 2 ) Represents the effects of the assumed exercise of stock options and vesting of non-participating restricted shares.

January 31, 2019

we completed our acquisition of Merchants Holding Company, the parent company of The Merchants National Bank of Sacramento in a stock and cash transaction. We paid

$15.3

million in cash and issued

1,834,142

shares of BOCH common stock for all of the outstanding shares of Merchants common stock,

May 10, 2017,

the Company announced the closing of its underwritten public offering, at the public offering price of

$10.50

per share. The total number of shares of common stock sold by the Company was

2,738,096

shares. Net proceeds raised in the offering, after underwriting discounts and expenses of the offering, were

$26.8

million.