XML 21 R10.htm IDEA: XBRL DOCUMENT v3.19.2
Earnings Per Share
 6 Months Ended
Jun. 30, 2019
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. Included in the diluted EPS for June 30, 2019 are the impact of the full conversion of the Company’s outstanding depositary shares. Based upon the current conversion price of $10.1441, the 1,499,400 outstanding depositary shares are convertible into an aggregate of 1,478,099 common shares. There were no anti-dilutive shares in 2019 or 2018. The average number of common shares used in the computation of basic and diluted earnings per share were:

 

   Three Months Ended
June 30,		 
($ and outstanding shares in thousands - except per share data)  2019   2018 
         
Distributed earnings allocated to common shares  $586   $522 
Undistributed earnings allocated to common shares   1,793    2,337 
           
Net earnings allocated to common shares   2,379    2,859 
Net earnings allocated to participating securities   5    4 
Dividends on convertible preferred shares   243    244 
           
Net Income allocated to common shares and participating securities  $2,627   $3,107 
           
Weighted average shares outstanding for basic earnings per share   6,454    6,489 
Dilutive effect of stock compensation   37    61 
Dilutive effect of convertible shares   1,476    1,453 
           
Weighted average shares outstanding for diluted earnings per share   7,967    8,003 
           
Basic earnings per common share  $0.37   $0.45 
           
Diluted earnings per common share  $0.33   $0.40 

 

   Six Months Ended
June 30,		 
($ and outstanding shares in thousands - except per share data)  2019   2018 
         
Distributed earnings allocated to common shares  $1,142   $1,008 
Undistributed earnings allocated to common shares   3,215    4,057 
           
Net earnings allocated to common shares   4,357    5,065 
Net earnings allocated to participating securities   9    7 
Dividends on convertible preferred shares   487    488 
           
Net Income allocated to common shares and participating securities  $4,853   $5,560 
           
Weighted average shares outstanding for basic earnings per share   6,469    5,935 
Dilutive effect of stock compensation   38    66 
Dilutive effect of convertible shares   1,475    1,453 
           
Weighted average shares outstanding for diluted earnings per share   7,982    7,454 
           
Basic earnings per common share  $0.68   $0.85 
           
Diluted earnings per common share  $0.61   $0.75