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Earnings Per Share
 3 Months Ended
Mar. 31, 2017
Earnings Per Share  
Earnings Per Share

Note 11 – Earnings Per Share

 

The earnings per share – both basic and diluted – are included below as of March 31 (in thousands except for share data):

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 

 

 

    

2017

    

2016

    

Basic earnings per share:

 

 

 

 

 

 

 

Weighted-average common shares outstanding

 

 

29,560,521

 

 

29,483,429

 

Net income available to common stockholders

 

$

4,572

 

$

3,322

 

Basic earnings per share

 

$

0.15

 

$

0.11

 

Diluted earnings per share:

 

 

 

 

 

 

 

Weighted-average common shares outstanding

 

 

29,560,521

 

 

29,483,429

 

Dilutive effect of nonvested restricted awards1

 

 

378,112

 

 

322,341

 

Dilutive effect of stock options

 

 

2,317

 

 

 -

 

Diluted average common shares outstanding

 

 

29,940,950

 

 

29,805,770

 

Net earnings available to common stockholders

 

$

4,572

 

$

3,322

 

Diluted earnings per share

 

$

0.15

 

$

0.11

 

 

 

 

 

 

 

 

 

Number of antidilutive options and warrants excluded from the diluted earnings per share calculation

 

 

900,839

 

 

977,839

 

 

 

 

 

 

 

 

 

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 March 31, 2017, and March 31, 2016, 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.