XML 20 R9.htm IDEA: XBRL DOCUMENT v3.4.0.3
Earnings Per Share
 3 Months Ended
Mar. 31, 2016
Earnings Per Share [Abstract]  
EARNINGS PER SHARE

NOTE 2—EARNINGS PER SHARE

 

Earnings per share (EPS) have been computed based on the weighted average number of common shares outstanding during the periods presented. For the three month period ended March 31, 2016, share-based awards totaling 35,424 common shares were not considered in computing diluted EPS as they were anti-dilutive. For the three month period ended March 31, 2015, share-based awards totaling 55,424 common shares were not considered in computing diluted EPS as they were anti-dilutive. Included in the diluted EPS for March 31, 2016 are the impact of the full conversion of the Company’s depository shares issued in December of 2014. Based upon the current conversion ratio, the 1,500,000 outstanding depository shares are convertible into an aggregate of 1,452,051 common shares. The average number of common shares used in the computation of basic and diluted earnings per share were:

 

  

Three Months Ended

March, 31

 
($ in thousands - except per share data) 2016  2015 
       
Distributed earnings allocated to common shares $271  $221 
Undistributed earnings allocated to common shares  1,138   1,049 
Net earnings allocated to common shares  1,409   1,270 
Net earnings allocated to participating securities  2   1 
Dividends on convertible preferred shares  244   225 
Net Income allocated to common shares and participating securities $1,655  $1,496 
         
Weighted average shares outstanding for basic earnings per share  4,896   4,879 
Dilutive effect of stock compensation  53   49 
Dilutive effect of convertible shares  1,452   1,451 
Weighted average shares outstanding for diluted earnings per share  6,401   6,379 
         
Basic earnings per common share $0.29  $0.26 
         
Diluted earnings per common share $0.26  $0.23