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Earnings Per Share (Tables)
6 Months Ended
Jun. 30, 2017
Earnings Per Share [Abstract]  
Basic and Diluted Earnings per Share (EPS)
The following table sets forth the computation of basic and diluted earnings per share (EPS) for the six months ended June 30, 2017 and 2016:
 
Income (Numerator)
 
Shares (Denominator)
 
Per-Share Amount
For the six months ended June 30, 2017
 
 
 
 
 
Net income as reported
$
9,520,000

 
 
 
 
Basic EPS: Income available to common shareholders
9,520,000

 
10,740,355

 
$
0.89

Effect of dilutive securities: restricted stock
 
 
72,348

 
 
Diluted EPS: Income available to common shareholders plus assumed conversions
$
9,520,000

 
10,812,703

 
$
0.88

For the six months ended June 30, 2016
 
 
 
 
 
Net income as reported
$
9,127,000

 
 
 
 
Basic EPS: Income available to common shareholders
9,127,000

 
10,710,483

 
$
0.85

Effect of dilutive securities: restricted stock and warrants
 
 
101,306

 
 
Diluted EPS: Income available to common shareholders plus assumed conversions
$
9,127,000

 
10,811,789

 
$
0.84



The following table sets forth the computation of basic and diluted EPS for the quarters ended June 30, 2017 and 2016:
 
Income (Numerator)
 
Shares (Denominator)
 
Per-Share Amount
For the quarter ended June 30, 2017
 
 
 
 
 
Net income as reported
$
4,883,000

 
 
 
 
Basic EPS: Income available to common shareholders
4,883,000

 
10,746,363

 
$
0.45

Effect of dilutive securities: restricted stock
 
 
71,086

 
 
Diluted EPS: Income available to common shareholders plus assumed conversions
$
4,883,000

 
10,817,449

 
$
0.45

For the quarter ended June 30, 2016
 
 
 
 
 
Net income as reported
$
4,624,000

 
 
 
 
Basic EPS: Income available to common shareholders
4,624,000

 
10,712,418

 
$
0.43

Effect of dilutive securities: restricted stock and warrants
 
 
106,289

 
 
Diluted EPS: Income available to common shareholders plus assumed conversions
$
4,624,000

 
10,818,707

 
$
0.43

Number of Options and Warrants Outstanding and Amount Above or Below the Strike Price
The following table presents the number of warrants outstanding as of June 30, 2016 and the amount for which the average market price at period end is above or below the strike price:
 
Outstanding
In-the-Money
Out-of-the-Money
For the three and six months ended June 30, 2016
 
 
 
Warrants issued to private parties
226,819

226,819


Total
226,819

226,819