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Earnings Per Share
 9 Months Ended
Sep. 30, 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 period ended September 30, 2016, share-based awards totaling 0 common shares were not considered in computing diluted EPS as they were anti-dilutive. For the period ended September 30, 2015, share-based awards totaling 50,424 common shares were not considered in computing diluted EPS as they were anti-dilutive. Included in the diluted EPS for September 30, 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 1,454,702 common shares. The average number of common shares used in the computation of basic and diluted earnings per share were:

 

    Three Months Ended 
Sep. 30,		  
($ in thousands - except per share data)   2016     2015  
Distributed earnings allocated to common shares   $ 295     $ 246  
Undistributed earnings allocated to common shares     2,005       1,773  
Net earnings allocated to common shares     2,300       2,019  
Net earnings allocated to participating securities     3       1  
Dividends on convertible preferred shares     244       244  
Net Income allocated to common shares and participating securities   $ 2,547     $ 2,264  
                 
Weighted average shares outstanding for basic earnings per share     4,874       4,884  
Dilutive effect of stock compensation     47       55  
Dilutive effect of convertible shares     1,455       1,451  
Weighted average shares outstanding for diluted earnings per share     6,376       6,390  
                 
Basic earnings per common share   $ 0.47     $ 0.41  
Diluted earnings per common share   $ 0.40     $ 0.35  

 

    Nine Months Ended 
Sep. 30,		  
($ in thousands - except per share data)   2016     2015  
Distributed earnings allocated to common shares   $ 862     $ 713  
Undistributed earnings allocated to common shares        4,868       4,322  
Net earnings allocated to common shares     5,730       5,035  
Net earnings allocated to participating securities     6       4  
Dividends on convertible preferred shares        731       712  
Net Income allocated to common shares and participating securities   $ 6,467     $ 5,751  
                 
Weighted average shares outstanding for basic earnings per share     4,888       4,882  
Dilutive effect of stock compensation     41       89  
Dilutive effect of convertible shares     1,455       1,451  
Weighted average shares outstanding for diluted earnings per share     6,384       6,422  
                 
Basic earnings per common share   $ 1.17     $ 1.03  
Diluted earnings per common share   $ 1.01     $ 0.89