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Earnings Per Share | 3 Months Ended
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Mar. 31, 2019
Earnings Per Share |
Earnings Per Share | Note 11 – Earnings Per Share The earnings per share – both basic and diluted – are included below as of March 31:
|  | Three Months Ended March 31, |  |
|  | 2019 |  | 2018 |  |
Basic earnings per share: |  |  |  |  |  |  |  |
Weighted-average common shares outstanding |  |  | 29,845,653 |  |  | 29,659,454 |  |
Net income |  | $ | 8,468 |  | $ | 9,489 |  |
Basic earnings per share |  | $ | 0.28 |  | $ | 0.32 |  |
Diluted earnings per share: |  |  |  |  |  |  |  |
Weighted-average common shares outstanding |  |  | 29,845,653 |  |  | 29,659,454 |  |
Dilutive effect of unvested restricted awards |  |  | 497,978 |  |  | 472,936 |  |
Dilutive effect of stock options and warrants |  |  | - |  |  | 36,358 |  |
Diluted average common shares outstanding |  |  | 30,343,631 |  |  | 30,168,748 |  |
Net Income |  | $ | 8,468 |  | $ | 9,489 |  |
Diluted earnings per share |  | $ | 0.28 |  | $ | 0.31 |  |
The above 2018 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, and is considered 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. This warrant was not included as a dilutive factor as of March 31, 2019, due to its cashless exercise on January 16, 2019. As of the date of exercise, the Company’s closing market stock price was $14.23 per share, resulting in 45,836 shares being issued. The cashless warrant exercise resulted in a net $313,000 reduction to treasury stock as these shares were issued from stock held by the Company.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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