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 awards1		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.