EX-11 3 exhibit11-earningspershare.htm EXHIBIT 11 - EARNINGS PER SHARE Exhibit


Exhibit 11
Earnings Per Share

Earnings per Share are calculated as follows:

 
 
For the years ended
 
 
December 31,
(Dollars in thousands except shares and per share data)
 
2017
 
2016
 
2015
Numerator for basic earnings per share:
 
 
 
 
 
 
Net Income from continuing operations
 
$
7,575

 
$
8,977

 
$
6,603

Less: Dividends on preferred stock
 
498

 
1,128

 
575

Net Income from continuing operations available to common shareholders - basic
 
7,077

 
7,849

 
6,028

Net Income from discontinued operations available to common shareholders - basic and diluted
 

 
3,935

 
213

Net Income available to common shareholders
 
$
7,077

 
$
11,784

 
$
6,241

 
 
 
 
 
 
 
Numerator for diluted earnings per share:
 
 
 
 
 
 
Net Income from continuing operations available to common shareholders - basic
 
$
7,077

 
$
7,849

 
$
6,028

Add: Dividends on preferred stock
 

 

 

Add: Interest on subordinated debt (tax effected)
 

 
1,390

 

Net Income available to common shareholders from continuing operations - diluted
 
$
7,077

 
$
9,239

 
$
6,028

 
 
 
 
 
 
 
Denominator:
 
 

 
 

 
 

Total average shares outstanding
 
10,308,738

 
8,212,021

 
8,014,316

Effect of dilutive convertible preferred stock
 

 

 

Effect of dilutive convertible subordinated debt
 

 
1,837,500

 

Effect of dilutive stock options
 
131,490

 
19,212

 
125,800

Total diluted average shares outstanding
 
10,440,228

 
10,068,733

 
8,140,116

 
 
 
 
 
 
 
Earnings per share from continuing operations - basic
 
$
0.69

 
$
0.96

 
$
0.75

Earnings per share from discontinued operations - basic
 
$

 
$
0.48

 
$
0.03

Earnings per common shareholder - basic
 
$
0.69

 
$
1.44

 
$
0.78

 
 
 
 
 
 
 
Earnings per share from continuing operations - diluted
 
$
0.68

 
$
0.92

 
$
0.74

Earnings per share from discontinued operations - diluted
 
$

 
$
0.39

 
$
0.03

Earnings per common shareholder - diluted
 
$
0.68

 
$
1.31

 
$
0.77



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