Earnings Per Share

9 Months Ended

Sep. 30, 2016

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 awards1		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.