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Earnings Per Share | 6 Months Ended
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Jun. 30, 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 June 30 (in thousands except for share and per share data):
|  | Quarters Ended June 30, |  | Six Months Ended June 30, |
|  | 2017 |  | 2016 |  | 2017 |  | 2016 |
Basic earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common shares outstanding |  |  | 29,587,095 |  |  | 29,535,915 |  |  | 29,573,881 |  |  | 29,509,672 |
Net income |  | $ | 5,457 |  | $ | 3,845 |  | $ | 10,029 |  | $ | 7,167 |
Basic earnings per share |  | $ | 0.19 |  | $ | 0.13 |  | $ | 0.34 |  | $ | 0.24 |
Diluted earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common shares outstanding |  |  | 29,587,095 |  |  | 29,535,915 |  |  | 29,573,881 |  |  | 29,509,672 |
Dilutive effect of nonvested restricted awards 1 |  |  | 426,264 |  |  | 305,324 |  |  | 400,232 |  |  | 313,832 |
Dilutive effect of stock options |  |  | 2,546 |  |  | - |  |  | 2,431 |  |  | - |
Diluted average common shares outstanding |  |  | 30,015,905 |  |  | 29,841,239 |  |  | 29,976,544 |  |  | 29,823,504 |
Net Income |  | $ | 5,457 |  | $ | 3,845 |  | $ | 10,029 |  | $ | 7,167 |
Diluted earnings per share |  | $ | 0.18 |  | $ | 0.13 |  | $ | 0.33 |  | $ | 0.24 |
Number of antidilutive options and warrants excluded from the diluted earnings per share calculation |  |  | 900,839 |  |  | 977,839 |  |  | 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 June 30, 2017, and June 30, 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.

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