Earnings Per Common Share

3 Months Ended

Mar. 31, 2020

5. Earnings Per Common Share

Basic earnings per share include only the weighted average common shares outstanding. Diluted earnings per share include the weighted average common shares outstanding and any potentially dilutive common stock equivalent shares in the calculation. Treasury shares are excluded for earnings per share purposes. For the three month periods ending March 31, 2020 and 2019, options to purchase 29,500 common shares, with an exercise price of $3.90 to $4.22, and options to purchase 12,000 common shares, with an exercise price of $4.19 to $4.22, respectively, were outstanding but were not included in the computation of diluted earnings per common share because to do so would be antidilutive.


	Three months ended
	March 31,
	2020		2019
	(In thousands, except per share data)
Numerator:
Net income	$	1,409	$	1,878
Denominator:
Weighted average common shares outstanding (basic)		17,043		17,578
Effect of stock options		56		86
Weighted average common shares outstanding (diluted)		17,099		17,664
Earnings per common share:
Basic	$	0.08	$	0.11
Diluted		0.08		0.11