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Earnings Per Share
 9 Months Ended
Sep. 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 September 30, 2019 are the impact of the full conversion of the Company’s outstanding depositary shares. Based upon the current conversion price of $10.119, the 1,430,570 outstanding depositary shares are convertible into an aggregate of 1,413,909 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 are set forth in the tables below:

 

   Three Months Ended
Sep. 30,		 
($ and outstanding shares in thousands - except per share data)  2019   2018 
         
Distributed earnings allocated to common shares  $581   $524 
Undistributed earnings allocated to common shares   2,944    2,346 
           
Net earnings allocated to common shares   3,525    2,870 
Net earnings allocated to participating securities   4    4 
Dividends on convertible preferred shares   233    244 
           
Net Income allocated to common shares and participating securities  $3,762   $3,118 
           
Weighted average shares outstanding for basic earnings per share   6,397    6,503 
Dilutive effect of stock compensation   34    58 
Dilutive effect of convertible shares   1,445    1,461 
           
Weighted average shares outstanding for diluted earnings per share   7,876    8,022 
           
Basic earnings per common share  $0.55   $0.45 
           
Diluted earnings per common share  $0.48   $0.39 

 

   Nine Months Ended
Sep. 30,		 
($ and outstanding shares in thousands - except per share data)  2019   2018 
         
Distributed earnings allocated to common shares  $1,723   $1,532 
Undistributed earnings allocated to common shares   6,159    6,404 
           
Net earnings allocated to common shares   7,882    7,936 
Net earnings allocated to participating securities   13    11 
Dividends on convertible preferred shares   720    732 
           
Net Income allocated to common shares and participating securities  $8,615   $8,679 
           
Weighted average shares outstanding for basic earnings per share   6,459    6,106 
Dilutive effect of stock compensation   36    63 
Dilutive effect of convertible shares   1,460    1,457 
           
Weighted average shares outstanding for diluted earnings per share   7,955    7,626 
           
Basic earnings per common share  $1.22   $1.30 
           
Diluted earnings per common share  $1.08   $1.14