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Earnings Per Share | 9 Months Ended
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Sep. 30, 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 September 30:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2019 |  | 2018 |  | 2019 |  | 2018 |
Basic earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common shares outstanding |  |  | 29,899,063 |  |  | 29,747,078 |  |  | 29,880,511 |  |  | 29,718,191 |
Net income |  | $ | 12,173 |  | $ | 9,642 |  | $ | 29,919 |  | $ | 25,392 |
Basic earnings per share |  | $ | 0.41 |  | $ | 0.32 |  | $ | 1.00 |  | $ | 0.85 |
Diluted earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common shares outstanding |  |  | 29,899,063 |  |  | 29,747,078 |  |  | 29,880,511 |  |  | 29,718,191 |
Dilutive effect of unvested restricted awards |  |  | 539,270 |  |  | 563,781 |  |  | 510,454 |  |  | 525,627 |
Dilutive effect of stock options and warrants |  |  | - |  |  | 73,032 |  |  | - |  |  | 53,476 |
Diluted average common shares outstanding |  |  | 30,438,333 |  |  | 30,383,891 |  |  | 30,390,965 |  |  | 30,297,294 |
Net Income |  | $ | 12,173 |  | $ | 9,642 |  | $ | 29,919 |  | $ | 25,392 |
Diluted earnings per share |  | $ | 0.40 |  | $ | 0.32 |  | $ | 0.98 |  | $ | 0.84 |
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 September 30, 2018, and was 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 September 30, 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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