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Note 12 - Shareholders' Equity
 12 Months Ended
Dec. 31, 2015
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]

Note 12.

Shareholders’ Equity

Common Stock


On December 16, 2009, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with the Bank and PNBK Holdings, LLC, a limited liability company controlled by Michael Carrazza (“Holdings”). Pursuant to the Securities Purchase Agreement, on October 15, 2010, the Company issued and sold to Holdings 3.36 million shares of its common stock at a purchase price of $15.00 per share for an aggregate purchase price of $50.4 million. The shares sold to Holdings represent 87.6% of the Company’s current issued and outstanding common stock. Also in connection with that sale, certain directors and officers of both the Company and the Bank resigned and were replaced with nominees of Holdings and Michael Carrazza became Chairman of the Board of the Company.


In connection with that sale, the Company reduced the par value of its common stock to $0.01 per share and increased the number of its authorized common shares to 100 million. Also in connection with that sale, the Company entered into a Registration Rights Agreement with Holdings. The Registration Rights Agreement provides Holdings with customary demand, shelf and piggyback registration rights.


Income (loss) Per Share


The Company is required to present basic income (loss) per share and diluted income (loss) per share in its consolidated statements of operations. Basic income (loss) per share amounts are computed by dividing net income (loss) by the weighted average number of common shares outstanding. Diluted income (loss) per share reflects additional common shares that would have been outstanding if potentially dilutive common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to outstanding restricted stocks and would be determined using the treasury stock method. The Company is also required to provide a reconciliation of the numerator and denominator used in the computation of both basic and diluted income (loss) per share.


Diluted earnings or loss per share reflects additional common shares that would have been outstanding if potential dilutive common shares had been issued, as well as any adjustments to income resulting from the assumed issuance unless such assumed issuance is anti-dilutive. Potential common shares that may be issued by the Company include any stock options and warrants, and are determined using the treasury stock method.  


The Company had no outstanding stock options. The following tables represent information about the computation of basic and diluted loss per share for the years ended December 31, 2015, 2014 and 2013:


   

2015

  
   

Net

    

Weighted Average

    

Per Share

  
   

Income

    

Common Shares O/S

    

Amount

  
                         

Basic Earning Per Share

   $ 2,143,000       3,924,618     $ 0.55  
                         

Effect of Anti Dilutive Securities

                        

Non-vested Restricted Stock Grants

    N/A       -       N/A  
                         

Diluted Earnings Per Share

   $ 2,143,000       3,924,618       0.55  

   

2014

  
   

Net

    

Weighted Average

    

Per Share

  
   

Loss

    

Common Shares O/S (1)

    

Amount (1)

  
                         

Basic Earning Per Share

   $ 15,709,000       3,850,042     $ 4.08  
                         

Effect of Dilutive Securities

                        

Non-vested Restricted Stock Grants

    N/A       26,745       N/A  
                         

Diluted Earnings Per Share

   $ 15,709,000       3,876,787       4.05  

   

2013

  
   

Net

    

Weighted Average

    

Per Share

  
   

Loss

    

Common Shares O/S (1)

    

Amount (1)

  

Basic Loss Per Share

                        
                         

Loss attributable to common shareholders

   $ (7,289,000 )     3,842,353     $ (1.90 )
                         

Effect of Anti Dilutive Securities

     N/A       N/A       N/A  

Non-vested Restricted Stock Grants

                       
                         

Diluted Loss Per Share

   $ (7,289,000 )     3,842,353       (1.90 )

(1) On March 4, 2015, the Company affected a 1-for-10 reverse stock split. All common stock and per share data for year 2014 and 2013, have been restated to give effect to the reverse stock split.