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Net Income Per Common Share
 6 Months Ended
Jun. 30, 2016
Net Income Per Common Share  
Net Income Per Common Share

Note 8 – Net Income Per Common Share

 

The Company determines basic earnings per share by dividing net income less preferred stock dividends by the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined by dividing net income less dividends on convertible preferred stock plus interest on convertible subordinated debt by the weighted average number of shares outstanding increased by both the number of shares that would be issued assuming the exercise of stock options under the Company’s 2003 and 2013 Stock Incentive Plans and the conversion of preferred stock and subordinated debt if dilutive. Earnings per share available for the common shareholder has been corrected from prior year. The prior year calculation included convertible preferred stock in the dilutive calculations instead of the convertible subordinated debt. The net effect resulted in a decrease of one penny in dilutive earnings per share for both the six and three months ended June 30, 2015.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the six months ended

 

For the three months ended

 

 

 

June 30,

 

June 30,

 

(Dollars in thousands except shares and per share data)

    

2016

 

2015

 

2016

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator for basic earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income from continuing operations

 

$
4,360

 

$
3,839

 

$
2,458

 

$
2,079

 

Less: Dividends on preferred stock

 

 
500

 

 
285

 

 
314

 

 
143

 

Net income from continuing operations available to common shareholders - basic

 

 
3,860

 

 
3,554

 

 
2,144

 

 
1,936

 

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

 

 
3,935

 

 
169

 

 
4,041

 

 
(174)

 

Net Income available to common shareholders

 

$
7,795

 

$
3,723

 

$
6,185

 

$
1,762

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator for diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations available to common shareholders - basic

 

$
3,860

 

$
3,554

 

$
2,144

 

$
1,936

 

Add: Interest on convertible subordinated debt (tax effected)

 

 
622

 

 
698

 

 
312

 

 
349

 

Add: Dividends on convertible preferred stock

 

 

 —

 

 

 —

 

 
122

 

 

 —

 

Net income available to common shareholders from continuing operations - diluted

 

$
4,482

 

$
4,252

 

$
2,578

 

$
2,285

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

Total average shares outstanding

 

 
8,070,082

 

 
7,987,333

 

 
8,078,000

 

 
7,987,333

 

Effect of dilutive convertible preferred stock

 

 

 —

 

 

 —

 

 
489,625

 

 

 —

 

Effect of dilutive convertible subordinated debt

 

 
1,837,500

 

 
1,837,500

 

 
1,837,500

 

 
1,837,500

 

Effect of dilutive stock options

 

 
17,991

 

 
108,781

 

 
27,995

 

 
109,522

 

Total diluted average shares outstanding

 

 
9,925,573

 

 
9,933,614

 

 
10,433,120

 

 
9,934,355

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share from continuing operations - basic

 

$
0.48

 

$
0.45

 

$
0.27

 

$
0.24

 

Earnings per share from discontinued operations - basic

 

$
0.49

 

$
0.02

 

$
0.50

 

$
(0.02)

 

Earnings per share common shareholder - basic

 

$
0.97

 

$
0.47

 

$
0.77

 

$
0.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share from continuing operations - diluted

 

$
0.45

 

$
0.43

 

$
0.25

 

$
0.23

 

Earnings per share from discontinued operations - diluted

 

$
0.40

 

$
0.02

 

$
0.38

 

$
(0.02)

 

Earnings per share common shareholder - diluted

 

$
0.85

 

$
0.45

 

$
0.63

 

$
0.21