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Earnings Per Share | 9 Months Ended
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Sep. 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 September 30 (in thousands except for share and per share data):
|  | Quarters Ended September 30, |  | Nine Months Ended September 30, |
|  | 2017 |  | 2016 |  | 2017 |  | 2016 |
Basic earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common shares outstanding |  |  | 29,627,086 |  |  | 29,554,716 |  |  | 29,591,811 |  |  | 29,524,796 |
Net income |  | $ | 8,077 |  | $ | 3,499 |  | $ | 17,650 |  | $ | 10,666 |
Basic earnings per share |  | $ | 0.27 |  | $ | 0.12 |  | $ | 0.60 |  | $ | 0.36 |
Diluted earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common shares outstanding |  |  | 29,627,086 |  |  | 29,554,716 |  |  | 29,591,811 |  |  | 29,524,796 |
Dilutive effect of nonvested restricted awards 1 |  |  | 473,967 |  |  | 282,228 |  |  | 425,081 |  |  | 303,221 |
Dilutive effect of stock options |  |  | 2,556 |  |  | 1,238 |  |  | 2,473 |  |  | 413 |
Diluted average common shares outstanding |  |  | 30,103,609 |  |  | 29,838,182 |  |  | 30,019,365 |  |  | 29,828,430 |
Net Income |  | $ | 8,077 |  | $ | 3,499 |  | $ | 17,650 |  | $ | 10,666 |
Diluted earnings per share |  | $ | 0.27 |  | $ | 0.12 |  | $ | 0.59 |  | $ | 0.36 |
Number of antidilutive options and warrants excluded from the diluted earnings per share calculation |  |  | 900,839 |  |  | 967,339 |  |  | 900,839 |  |  | 977,426 |
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, 2017, and September 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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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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