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Earnings Per Share and Capital Transactions
 6 Months Ended
Jun. 30, 2016
Earnings Per Share [Abstract]  
Earnings Per Share and Capital Transactions

6.) Earnings Per Share and Capital Transactions:

Earnings per share is computed by dividing net income available to common shareholders by the weighted average number of shares of common outstanding stock, net of any treasury shares, during the period. Diluted earnings per share is calculated by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding, net of any treasury shares, after consideration of the potential dilutive effect of common stock equivalents, based upon the treasury stock method using an average market price for the period. The common stock equivalents are comprised of the restricted share awards.

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Net income (amounts in thousands)

$

1,173

 

 

$

916

 

 

$

2,535

 

 

$

2,065

 

Weighted average common shares outstanding

 

4,406,081

 

 

 

4,525,322

 

 

 

4,405,432

 

 

 

4,526,578

 

Net effect of dilutive common share equivalents

 

406

 

 

 

—

 

 

 

247

 

 

 

—

 

Adjusted average shares outstanding-dilutive

 

4,406,487

 

 

 

4,525,322

 

 

 

4,405,679

 

 

 

4,526,578

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

0.27

 

 

$

0.21

 

 

$

0.58

 

 

$

0.46

 

Diluted earnings per share

$

0.27

 

 

$

0.21

 

 

$

0.58

 

 

$

0.46