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Earnings Per Share
 6 Months Ended
Jun. 30, 2016
Earnings Per Share  
Earnings Per Share

Note 6 - Earnings Per Share

 

Basic earnings per share have been computed by dividing net income available for common shareholders by the weighted-average number of common shares outstanding for the period.  Diluted earnings per share have been computed the same as basic earnings per share, and assumes the conversion of outstanding stock options, convertible preferred stock and warrants, if dilutive.  The following table reconciles the basic and diluted earnings per share computations for the three months and six months ended June 30, 2016 and 2015.

 

 

 

Quarter ended June 30, 2016

 

Quarter ended June 30, 2015

 

 

 

 

 

Weighted

 

Per

 

 

 

Weighted

 

Per

 

 

 

 

 

Average

 

Share

 

 

 

Average

 

Share

 

 

 

Income

 

Shares

 

Amount

 

Income

 

Shares

 

Amount

 

Basic earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$
1,074

 

 

 

 

 

$
899

 

 

 

 

 

Less: Dividends on preferred stock during the quarter

 
(123)

 

 

 

 

 
(130

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders

 

$
951

 
1,998,979

 

$
0.48

 

$
769

 
1,968,777

 

$
0.39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of dilutive securities

 

 

 

 

 

 

 

 

 

 

 

 

 

Convertible preferred stock

 
123

 
539,175

 

 

 
130

 
568,890

 

 

 

Performance share units

 

—

 
1,725

 

 

 

—

 

—

 

 

 

Stock options

 

—

 
69

 

 

 

—

 

—

 

 

 

Warrants

 

—

 

—

 

 

 

—

 
24,462

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common stockholders and assumed conversions

 

$
1,074

 
2,539,948

 

$
0.42

 

$
899

 
2,562,129

 

$
0.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30, 2016

 

Six months ended June 30, 2015

 

 

 

 

 

Weighted

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

Average

 

Per Share

 

 

 

Average

 

Per Share

 

 

 

Income

 

Shares

 

Amount

 

Income

 

Shares

 

Amount

 

Basic earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$
1,979

 

 

 

 

 

$
1,681

 

 

 

 

 

Less: Dividends on preferred stock during the quarter

 
(247

)

 

 

 

 
(258

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders

 

$
1,732

 
1,996,278

 

$
0.87

 

$
1,423

 
1,968,777

 

$
0.72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of dilutive securities

 

 

 

 

 

 

 

 

 

 

 

 

 

Convertible preferred stock

 
247

 
541,563

 

 

 
258

 
568,890

 

 

 

Performance share units

 

—

 
2,937

 

 

 

—

 

—

 

 

 

Stock options

 

—

 
59

 

 

 

—

 

—

 

 

 

Warrants

 

—

 

—

 

 

 

—

 
85,759

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common stockholders and assumed conversions

 

$
1,979

 
2,540,837

 

$
0.78

 

$
1,681

 
2,623,426

 

$
0.64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options for 29,276 shares of common stock were not considered in computing diluted earnings per common share for June 30, 2015 because they are anti-dilutive. There were no anti-dilutive stock options at June 30, 2016.