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Earnings Per Share

9 Months Ended

Sep. 30, 2017

Note 4 – Earnings Per Share

Basic earnings per share (EPS) are computed on the basis of the weighted average number of shares outstanding during the period presented. Diluted EPS assumes the conversion of both the Convertible Preferred Stock $7.00 Series and the Convertible Preferred Stock $8.00 Series.

	(In Thousands Except per Share Amounts)
	Three Months Ended September 30,
	2017					2016
Basic:	Income			Shares		Income			Shares
Net Income	$	7,642			16,340	$	8,813			16,284
Preferred Dividend		(36	)				(36	)
Earnings Applicable to Common Stock	$	7,606			16,340	$	8,777			16,284

Basic EPS	$	0.47				$	0.54

Diluted:
Earnings Applicable to Common Stock	$	7,606			16,340	$	8,777			16,284
$7.00 Series Preferred Dividend		17			115		17			115
$8.00 Series Preferred Dividend		6			41		6			41
Adjusted Earnings Applicable to Common Stock	$	7,629			16,496	$	8,800			16,440

Diluted EPS	$	0.46				$	0.54

	(In Thousands Except per Share Amounts)
	Nine Months Ended September 30,
	2017					2016
Basic:	Income			Shares		Income			Shares
Net Income	$	17,463			16,324	$	19,522			16,262
Preferred Dividend		(108	)				(108	)
Earnings Applicable to Common Stock	$	17,355			16,324	$	19,414			16,262

Basic EPS	$	1.06				$	1.19

Diluted:
Earnings Applicable to Common Stock	$	17,355			16,324	$	19,414			16,262
$7.00 Series Preferred Dividend		50			115		50			115
$8.00 Series Preferred Dividend		18			41		18			41
Adjusted Earnings Applicable to Common Stock	$	17,423			16,480	$	19,482			16,418

Diluted EPS	$	1.06				$	1.19