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Earnings Per Share | 9 Months Ended
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Sep. 30, 2016
Earnings Per Share |
Earnings Per Share | Note 10 – Earnings Per Share The earnings per share – both basic and diluted – are included below as of September 30 (in thousands except for share data):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2016 |  | 2015 |  | 2016 |  | 2015
Basic earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common shares outstanding |  |  | 29,554,716 |  |  | 29,478,429 |  |  | 29,524,796 |  |  | 29,474,833
Net income |  | $ | 3,499 |  | $ | 3,924 |  | $ | 10,666 |  | $ | 11,552
Preferred stock dividends and accretion |  |  | - |  |  | 339 |  |  | - |  |  | 1,873
Net earnings available to common stockholders |  | $ | 3,499 |  | $ | 3,585 |  | $ | 10,666 |  | $ | 9,679
Basic earnings per share |  | $ | 0.12 |  | $ | 0.12 |  | $ | 0.36 |  | $ | 0.33
Diluted earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common shares outstanding |  |  | 29,554,716 |  |  | 29,478,429 |  |  | 29,524,796 |  |  | 29,474,833
Dilutive effect of nonvested restricted awards 1 |  |  | 282,228 |  |  | 268,000 |  |  | 303,221 |  |  | 249,401
Dilutive effect of stock options |  |  | 1,238 |  |  | - |  |  | 413 |  |  | -
Diluted average common shares outstanding |  |  | 29,838,182 |  |  | 29,746,429 |  |  | 29,828,430 |  |  | 29,724,234
Net earnings available to common stockholders |  | $ | 3,499 |  | $ | 3,585 |  | $ | 10,666 |  | $ | 9,679
Diluted earnings per share |  | $ | 0.12 |  | $ | 0.12 |  | $ | 0.36 |  | $ | 0.33
Number of antidilutive options and warrants excluded from the diluted earnings per share calculation |  |  | 967,339 |  |  | 1,044,339 |  |  | 977,426 |  |  | 1,044,339
1 Includes the common stock equivalents for restricted share rights that are dilutive. |  |  |  |  |  |
The above earnings per share calculation did not include a warrant for 815,339 shares of common stock, at an exercise price of $13.43 per share, that was outstanding as of September 30, 2016, and September 30, 2015, because the warrant was anti-dilutive. Of note, the ten year warrant was issued in 2009, and was sold at auction by the Treasury in June 2013 to a third party investor.

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