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EARNINGS PER SHARE (“EPS”)
 9 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
Earnings Per Share ("EPS")
EARNINGS PER SHARE (“EPS”)
Basic earnings per common share represent income available to common shareholders, divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued. Potential common shares that may have been issued by the Company related to outstanding stock options and were determined using the treasury stock method. The Company has not granted any stock options since 2007 and all outstanding options expired on July 17, 2017.
Basic and diluted earnings per share have been computed based on weighted-average common and common equivalent shares outstanding as follows:
(dollars in thousands, except per share amounts)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
2019
 
2018
 
2019
 
2018
Net Income
 
$
3,693

 
$
3,858

 
$
11,197

 
$
7,414

 
 
 
 
 
 
 
 
 
Average number of common shares outstanding
 
5,560,878

 
5,551,184

 
5,559,622

 
5,550,020

Dilutive effect of common stock equivalents
 
—

 
—

 
—

 
—

Average number of shares used to calculate diluted EPS
 
5,560,878

 
5,551,184

 
5,559,622

 
5,550,020

 
 
 
 
 
 
 
 
 
Earnings Per Common Share
 
 
 
 
 
 
 
 
Basic
 
$
0.66

 
$
0.70

 
$
2.01

 
$
1.34

Diluted
 
$
0.66

 
$
0.70

 
$
2.01

 
$
1.34