EARNINGS PER SHARE CALCULATION

6 Months Ended

Jun. 30, 2018

NOTE 15 – EARNINGS PER SHARE CALCULATION

Earnings per common share (“EPS”) are computed based on the weighted average number of common shares outstanding during the period. Basic EPS excludes dilution and is computed by dividing net earnings available to common stockholders by the weighted average of common shares outstanding. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The number of potential common shares included in the quarterly diluted EPS is computed using the average market price during the three months included in the reporting period under the treasury stock method. The number of potential common shares included in year-to-date diluted EPS is a year-to-date weighted average of potential shares included in each quarterly diluted EPS computation. Dilutive income per share includes the effect of stock options and other potentially dilutive securities using the treasury stock method. Nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of earnings per share. All of the Company's nonvested restricted stock awards qualify as participating securities. At June 30, 2018 there were two forms of securities outstanding, common stock and unvested restricted stock rewards. There were no anti-dilutive shares at June 30, 2018 or 2017.

Earnings per share have been computed based on the following:

	Three months ended				Six months ended
	June 30,				June 30,
	2018		2017		2018		2017
Net income	$	4,288	$	1,502	$	8,357	$	2,918

Weighted Average number of shares outstanding		9,467,431		6,421,078		8,495,230		5,949,373
Diluted effect of restrictive stock grants		-		-		-		-
Average number of shares outstanding used to calculate diluted earngs per share		9,467,431		6,421,078		8,495,230		5,949,373
Basic and diluted earnings per share	$	0.45	$	0.23	$	0.99	$	0.49