Earnings Per Share

6 Months Ended

Jun. 30, 2017

EARNINGS PER SHARE

The computations of basic and diluted earnings per share follow:



	For the Three Months Ended June 30,
	2017					2016
Dollars in thousands, except per share amounts	Income (Numerator)		Common Shares (Denominator)	Per Share		Income (Numerator)		Common Shares (Denominator)	Per Share
Net income	$	5,278				$	4,243

Basic earnings per share	$	5,278	12,288,514	$	0.43	$	4,243	10,681,995	$	0.40

Effect of dilutive securities:
Stock options			10,593					9,008
Stock appreciation rights (SARs)			80					10,014

Diluted earnings per share	$	5,278	12,299,187	$	0.43	$	4,243	10,701,017	$	0.40



	For the Six Months Ended June 30,
	2017					2016
Dollars in thousands, except per share amounts	Income (Numerator)		Common Shares (Denominator)	Per Share		Income (Numerator)		Common Shares (Denominator)	Per Share
Net income	$	3,662				$	8,305

Basic earnings per share	$	3,662	11,517,721	$	0.32	$	8,305	10,676,925	$	0.78

Effect of dilutive securities:
Stock options			11,549					8,365
Stock appreciation rights (SARs)			17,455					—

Diluted earnings per share	$	3,662	11,546,725	$	0.32	$	8,305	10,685,290	$	0.78

Stock option and stock appreciation right (SAR) grants are disregarded in this computation if they are determined to be anti-dilutive. Our anti-dilutive stock options for the quarters and six months ended June 30, 2017 and June 30, 2016 were 23,400 shares and 57,000 shares respectively. Our anti-dilutive SARs for three and six months ended June 30, 2017 were 87,615 and for the three and six months ended June 30, 2016 were 166,717.