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EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2016
EARNINGS PER SHARE  
EARNINGS PER SHARE

NOTE 10: 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, 2016 and 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

Nine Months Ended 

 

 

 

September 30,

 

September 30,

 

(In thousands except per share data)

    

2016

    

2015

    

2016

    

2015

 

Net income

 

$
3,911

 

$
3,856

 

$
11,767

 

$
10,308

 

Weighted average common shares outstanding

 

 
6,878

 

 
6,338

 

 
6,866

 

 
6,333

 

Dilutive effect of common stock equivalents

 

 
21

 

 
11

 

 
20

 

 
13

 

Weighted average common and common equivalent shares outstanding

 

 
6,899

 

 
6,349

 

 
6,886

 

 
6,346

 

Basic earnings per common share

 

$
0.57

 

$
0.61

 

$
1.71

 

$
1.63

 

Diluted earnings per common share

 

$
0.57

 

$
0.61

 

$
1.71

 

$
1.62

 

 

Basic earnings per common share were computed by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share were computed by including potentially dilutive shares on the weighted average share count. Anti-dilutive warrants totaling 34,370 shares have been excluded from the calculation of diluted EPS for the three and nine months ended September 30, 2016, respectively. There were no anti-dilutive shares excluded for the three or nine months ended September 30, 2015.