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):


	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Basic earnings per share:
Weighted-average common shares outstanding		29,747,078		29,587,095		29,703,508		29,573,881
Net income	$	6,261	$	5,146	$	15,750	$	9,573
Basic earnings per share	$	0.21	$	0.17	$	0.53	$	0.32
Diluted earnings per share:
Weighted-average common shares outstanding		29,747,078		29,587,095		29,703,508		29,573,881
Dilutive effect of unvested restricted awards1		539,166		426,264		506,234		400,232
Dilutive effect of stock options and warrants		51,038		2,546		43,698		2,431
Diluted average common shares outstanding		30,337,282		30,015,905		30,253,440		29,976,544
Net Income	$	6,261	$	5,146	$	15,750	$	9,573
Diluted earnings per share	$	0.21	$	0.17	$	0.52	$	0.32

Number of antidilutive options and warrants excluded from the diluted earnings per share calculation		-		900,839		-		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 June 30, 2018, as it is considered dilutive. The same warrant was not included as of June 30, 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.