Note 21 - Earnings Per Share

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Earnings Per Share [Text Block]

N

OTE

2

1

– EARNINGS PER SHARE

The factors used in the basic and diluted earnings per share computation follow:

	201 9		201 8		201 7
	(in thousands, except share and per share data)
Net income	$	10,518	$	8,794	$	38,453
Less:
Earnings allocated to unvested shares		106		144		967
Net income attributable to common shareholders, basic and diluted	$	10,412	$	8,650	$	37,486
Basic
Weighted average common shares including unvested common shares and participating preferred shares outstanding		7,468,215		7,159,723		6,249,059
Less:
Weighted average unvested common shares		75,084		117,030		157,127
Weighted average common shares outstanding		7,393,131		7,042,693		6,091,932
Basic income per common share	$	1.41	$	1.23	$	6.15
Diluted
Add: Dilutive effects of assumed exercises of common stock warrants		—		—		—
Weighted average common shares and potential common shares		7,393,131		7,042,693		6,091,932
Diluted income per common share	$	1.41	$	1.23	$	6.15

The Company had

no

outstanding stock options at

December 31, 2019,

2018

or

2017.

 A warrant for the purchase of

66,113

shares of the Company’s common stock at an exercise price of

$79.41

was outstanding at

December 31, 2017,

but was

not

included in the diluted EPS computation as inclusion would have been anti-dilutive. The warrant expired on

November 21, 2018.