Earnings Per Share

The following table provides detail for basic earnings per share (EPS) and diluted (EPS) for the years ended December 31, 2017, 2016 and 2015:



	Income (Numerator)		Shares (Denominator)	Per-Share Amount
For the year ended December 31, 2017
Net income as reported	$	19,588,000
Basic EPS: Income available to common shareholders	19,588,000		10,747,306	$	1.82
Effect of dilutive securities: restricted stock			71,712
Diluted EPS: Income available to common shareholders plus assumed conversions	$	19,588,000	10,819,018	$	1.81
For the year ended December 31, 2016
Net income as reported	$	18,009,000
Basic EPS: Income available to common shareholders	18,009,000		10,713,290	$	1.68
Effect of dilutive securities: restricted stock and warrants			116,512
Diluted EPS: Income available to common shareholders plus assumed conversions	$	18,009,000	10,829,802	$	1.66
For the year ended December 31, 2015
Net income as reported	$	16,206,000
Basic EPS: Income available to common shareholders	16,206,000		10,674,755	$	1.52
Effect of dilutive securities: restricted stock and warrants			90,114
Diluted EPS: Income available to common shareholders plus assumed conversions	$	16,206,000	10,764,869	$	1.51

All EPS calculations have been made using the weighted average number of shares outstanding during the period. The dilutive securities are restricted stock granted to certain key members of Management and warrants granted to the U.S. Treasury under the Capital Purchase Program. The dilutive number of shares has been calculated using the treasury method, assuming that all granted stock and warrants were vested and exercised at the end of each period.

The following table presents the number of options and warrants outstanding as of December 31, 2015 and the amount for which the average price at year end is above or below the strike price:

Outstanding

In-the-Money

Out-of-the-Money

As of December 31, 2015

Warrants issued to private parties

Total dilutive securities