Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2019

Earnings Per Share

Summary of diluted earnings per share

	Quarter Ended September 30,				Nine Months Ended September 30,
(Dollars in thousands, except per share data)	2019		2018		2019		2018
Net income applicable to basic earnings per common share	$	1,785	$	1,888	$	4,935	$	3,948
Weighted average shares outstanding		9,985		9,976		9,985		9,595
Basic earnings per share	$	0.179	$	0.189	$	0.494	$	0.411
Effect of dilutive securities:
Weighted average shares outstanding under options Delmar 2004 stock option plan (1)		—		23		10		28
Weighted average exercise price per share	$	—	$	7.54	$	9.05	$	9.55
Assumed proceeds on exercise	$	—	$	173	$	91	$	267
Average market value per share	$	7.42	$	7.79	$	7.34	$	7.47
Weighted average shares outstanding under options Liberty 2004 stock option plan		12		14		12		12
Weighted average exercise price per share	$	3.98	$	4.01	$	3.98	$	4.02
Assumed proceeds on exercise	$	48	$	56	$	48	$	48
Average market value per share	$	7.42	$	7.79	$	7.34	$	7.47
Less: Treasury stock purchased with assumed proceeds from exercise	$	6	$	7	$	6	$	6
Weighted average shares outstanding under restricted stock plans (2)		9		14		9		10
Diluted weighted average shares and common stock equivalents		10,000		9,997		10,000		9,611
Diluted earnings per share	$	0.179	$	0.189	$	0.494	$	0.411

(1) Options were excluded from the calculation of dilutive earnings per share because they are anti‑dilutive.

Includes vested shares not yet issued and nonvested shares as of September 30.