Note 14: Earnings Per Share

The earnings per share, both basic and diluted, are included below as of December 31, (in thousands except for per share data):



	2019		2018		2017
Basic earnings per share:
Weighted-average common shares outstanding		29,891,046		29,728,308		29,600,702
Net income	$	39,455	$	34,012	$	15,138
Basic earnings per share	$	1.32	$	1.14	$	0.51

Diluted earnings per share:
Weighted-average common shares outstanding		29,891,046		29,728,308		29,600,702
Dilutive effect of unvested restricted awards 1		525,302		532,692		435,142
Dilutive effect of stock options and warrants		-		47,935		2,573
Diluted average common shares outstanding		30,416,348		30,308,935		30,038,417
Net Income	$	39,455	$	34,012	$	15,138
Diluted earnings per share	$	1.30	$	1.12	$	0.50

Number of antidilutive options and warrants excluded from the diluted earnings per share calculation		-		-		815,339

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

The above earnings per share calculation did not include a warrant for 815,339 shares of common stock that was outstanding as of December 31, 2017, because the warrant was anti-dilutive at an exercise price of $13.43. Of note, the warrant was sold at auction by the Treasury in June 2013 to a third party investor. On January 16, 2019, the warrant for 815,339 common shares of the Company’s stock was exercised in a cashless transaction. This warrant was issued in January 2009 at an exercise price of $13.43 per share, and expired on January 16, 2019. As of the date of exercise, the Company’s closing market price was $14.23 per share, resulting in 45,836 shares being issued. These shares were issued from treasury stock held by the Company, and resulted in a $313,000 reduction of treasury stock in January 2019.