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 and per share data):


	Quarters Ended March 31,
	2018		2017
Basic earnings per share:
Weighted-average common shares outstanding		29,659,454		29,560,521
Net income	$	9,489	$	4,427
Basic earnings per share	$	0.32	$	0.15
Diluted earnings per share:
Weighted-average common shares outstanding		29,659,454		29,560,521
Dilutive effect of unvested restricted awards1		472,936		378,112
Dilutive effect of stock options and warrants		36,358		2,317
Diluted average common shares outstanding		30,168,748		29,940,950
Net Income	$	9,489	$	4,427
Diluted earnings per share	$	0.31	$	0.15

Number of antidilutive options and warrants excluded from the diluted earnings per share calculation		-		900,839

1 Includes the common stock equivalents for restricted share rights that are dilutive.

The above earnings per share calculation also includes 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, 2018, as it is considered dilutive. The same warrant was not included as of March 31, 2017, because the warrant was anti-dilutive. The ten-year warrant was issued in 2009, and was sold at auction by the U.S. Treasury in June 2013 to a third party investor.