We describe an improved implementation of our previously reported common-path, phase shifting, and shearing interferometer. Using a time-multiplexed phase shifting scheme, we demonstrate higher sampling resolution, better light sensitivity, and use of arbitrary phase shifting algorithms. We describe microscopic imaging of the surface profile of a copper-plated silicon wafer and demonstrate that the system is vibration insensitive with approximately lambda/100 repeatability. In a more general discussion of our method, we describe the different functional elements and suggest alternative designs and improvements. Possible uses include full-field coherent imaging and high dynamic range wavefront sensing, which we briefly discuss.