Earnings Per Share

3 Months Ended

Mar. 31, 2018

The following table sets forth the computation of basic and diluted earnings per share (EPS) for the three months ended March 31, 2018 and 2017:



	Income (Numerator)		Shares (Denominator)	Per-Share Amount
For the three months ended March 31, 2018
Net income as reported	$	5,506,000
Basic EPS: Income available to common shareholders	5,506,000		10,771,271	$	0.51
Effect of dilutive securities: restricted stock			73,228
Diluted EPS: Income available to common shareholders plus assumed conversions	$	5,506,000	10,844,499	$	0.51
For the three months ended March 31, 2017
Net income as reported	$	4,637,000
Basic EPS: Income available to common shareholders	4,637,000		10,734,281	$	0.43
Effect of dilutive securities: restricted stock			73,623
Diluted EPS: Income available to common shareholders plus assumed conversions	$	4,637,000	10,807,904	$	0.43

All earnings per share calculations have been made using the weighted average number of shares outstanding during the period. The potentially dilutive securities are unvested shares of restricted stock granted to certain key members of Management. The number of dilutive shares is calculated using the treasury method, assuming that all shares were vested.