Note 8. Earnings Per Share

Basic and diluted earnings per share are calculated as follows:


	Three Months Ended March 31,
(Dollars in thousands, except per share data)	2020		2019
Net income	$	2,422	$	1,398
Net (income) attributable to noncontrolling interest		(16)		—
Net income applicable to basic earnings per common share		2,406		1,398
Weighted average shares outstanding		17,806		9,985
Basic earnings per share	$	0.135	$	0.140
Effect of dilutive securities:
Weighted average shares outstanding under options the Company Plan (1)		—		18
Weighted average exercise price per share	$	—	$	9.05
Assumed proceeds on exercise	$	—	$	167
Average market value per share	$	—	$	7.16
Weighted average shares outstanding under options the Liberty Plan		9		12
Weighted average exercise price per share	$	4.22	$	3.98
Assumed proceeds on exercise	$	38	$	46
Average market value per share	$	7.22	$	7.16
Less: Treasury stock purchased with assumed proceeds from exercise		5		6
Weighted average shares outstanding under options the Partners Stock Plans		236		—
Weighted average exercise price per share	$	5.83	$	—
Assumed proceeds on exercise	$	1,374	$	—
Average market value per share	$	7.22	$	—
Less: Treasury stock purchased with assumed proceeds from exercise		190		—
Weighted average shares outstanding under restricted stock plans (2)		6		9
Diluted weighted average shares and common stock equivalents		17,862		10,000
Diluted earnings per share	$	0.135	$	0.140

(1)

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

(2)

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