Earnings Per Share (Policies)

12 Months Ended

Dec. 31, 2019

Earnings Per Share, Policy [Policy Text Block]

Basic earnings per common share (“EPS”) is computed by dividing net income available to common stockholders by the weighted average number of shares outstanding. Diluted EPS is computed based on the weighted average shares of common stock outstanding plus the effect of any dilutive shares of restricted stock granted to employees and non-employee directors. There were approximately 76,000, 7,300 and 6,614 anti-dilutive restricted shares as of December 31, 2019, 2018 and 2017, respectively.

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share and share amounts):


	Years ended December 31,
	2019		2018		2017
Net income	$	5,911	$	26,751	$	19,989

Weighted average shares outstanding – basic	8,408,017		8,365,360		8,147,742
Dilutive potential shares from unvested restricted shares	55,222		182,010		252,280

Weighted average shares outstanding – diluted	8,463,239		8,547,370		8,400,022
Earnings per share:
Basic	$	0.70	$	3.20	$	2.45
Diluted	$	0.70	$	3.13	$	2.38