NOTE 11: Equity, Other Comprehensive Income and Earnings Per Share

Equity and Noncontrolling Interest

During the years ended December 31, 2019 and 2018, the Corporation repurchased 86,523 shares and 21,232 shares of its common stock, respectively, for an aggregate cost of $4.39 million and $1.11 million, respectively, under share repurchase programs authorized by its Board of Directors. Additionally, during the years ended December 31, 2019, 2018 and 2017, the Corporation withheld 9,909 shares, 7,982 shares and 9,899 shares of its common stock, respectively, from employees to satisfy tax withholding obligations upon vesting of restricted stock.

In 2019, C&F Select LLC, a subsidiary of C&F Mortgage, issued a 49 percent ownership interest to an unrelated investor. In exchange for this noncontrolling interest in C&F Select LLC, C&F Bank received a note receivable from the investor for $490,000, which is included in loans the Consolidated Balance Sheets and is secured by cash deposits at C&F Bank.

Accumulated Other Comprehensive Income (Loss)

The following table presents the cumulative balances of the components of accumulated other comprehensive loss, net of deferred taxes of $604,000 and $1.23 million as of December 31, 2019 and 2018, respectively.


	December 31,
(Dollars in thousands)	2019		2018
Net unrealized gains (losses) on securities	$	1,560	$	(1,375)
Net unrecognized (losses) gains on cash flow hedges		(69)		215
Net unrecognized losses on defined benefit plan		(3,740)		(3,512)
Total accumulated other comprehensive loss	$	(2,249)	$	(4,672)

Earnings Per Share (EPS)

The components of the Corporation’s EPS calculations are as follows:


	Year Ended December 31,
(Dollars in thousands)	2019		2018		2017
Net income attributable to C&F Financial Corporation	$	18,859	$	18,020	$	6,572
Weighted average number of shares used in earnings per share—basic		3,450,745		3,501,221		3,486,510
Effect of dilutive securities—stock option awards		—		—		79
Weighted average number of shares used in earnings per share—assuming dilution		3,450,745		3,501,221		3,486,589

The Corporation has applied the two-class method of computing basic and diluted EPS for each period presented because the Corporation’s unvested restricted shares outstanding contain rights to nonforfeitable dividends equal to dividends on the Corporation’s common stock. Accordingly, the weighted average number of shares used in the calculation of basic and diluted EPS includes both vested and unvested shares outstanding.