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):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
Basic earnings per share:
Weighted-average common shares outstanding		29,747,078		29,627,086		29,718,191		29,591,811
Net income	$	9,642	$	8,077	$	25,392	$	17,650
Basic earnings per share	$	0.32	$	0.27	$	0.85	$	0.60
Diluted earnings per share:
Weighted-average common shares outstanding		29,747,078		29,627,086		29,718,191		29,591,811
Dilutive effect of unvested restricted awards1		563,781		473,967		525,627		425,081
Dilutive effect of stock options and warrants		73,032		2,556		53,476		2,473
Diluted average common shares outstanding		30,383,891		30,103,609		30,297,294		30,019,365
Net Income	$	9,642	$	8,077	$	25,392	$	17,650
Diluted earnings per share	$	0.32	$	0.27	$	0.84	$	0.59

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 September 30, 2018, and is considered dilutive. The same warrant was not included as of September 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.