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Earnings Per Share
 9 Months Ended
Sep. 30, 2015
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE 8: EARNINGS PER SHARE

 

The following table presents reconciliations of the calculations of basic and diluted earnings per share for the three and nine months ended September 30, 2015 and 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

Nine Months Ended 

 

 

 

September 30,

 

September 30,

 

(In thousands except per share data)

    

2015

    

2014

    

2015

    

2014

    

Net income

 

$
3,856

 

$
2,806

 

$
10,308

 

$
9,623

 

Weighted average common shares outstanding

 

 
6,338

 

 
6,329

 

 
6,333

 

 
6,325

 

Dilutive effect of common stock equivalents

 

 
11

 

 
16

 

 
13

 

 
19

 

Weighted average common and common equivalent shares outstanding

 

 
6,349

 

 
6,345

 

 
6,346

 

 
6,344

 

Basic earnings per common share

 

$
0.61

 

$
0.44

 

$
1.63

 

$
1.52

 

Diluted earnings per common share

 

$
0.61

 

$
0.44

 

$
1.62

 

$
1.52

 

 

 

Basic earnings per common share were computed by dividing net income by the weighted average number of shares of common stock outstanding for the three and nine months ended September 30, 2015 and 2014. The computation of diluted earnings per share includes the effect of assumed exercises of outstanding stock options.