Note 9 - Earnings Per Common Share

6 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 9. Earnings per Common Share

The following tables show the weighted average number of shares used in computing earnings per common share and the effect on weighted average number of shares of diluted potential common stock. Potential dilutive common stock had no effect on income available to common shareholders.

	For the Three Months Ended June 30 ,
	2016						2015
Dollars In Thousands, except share and per share data	Weighted Average Common Share s Outstanding		Net Income Available to Common Shareholders		Per Share Amount		Weighted Average Common Share s Outstanding			Net Income Available to Common Shareholders		Per Share Amount
Earnings per common share, basic		3,557,763	$	20	$	0.00		3,428,085	*	$	653	$	0.19	*
Series C Preferred Stock Dividends				−							210
Effect of dilutive securities:
Convertible preferred stock		2,213,303		−		−		2,329,600	*		−		(0.04	)*
Dilutive stock options		9,056		−		−		−			−		−
Earnings per common share, diluted		5,780,122	$	20	$	0.00		5,757,685	*	$	863	$	0.15	*

*Restated for 4% common stock dividend distributed July 11, 2016.

	For the Six Months Ended June 30 ,
	2016							2015
Dollars In Thousands, except share and per share data	Weighted Average Common Share s Outstanding		Net Income Available to Common Shareholders		Per Share Amount			Weighted Average Common Share s Outstanding			Net Income Available to Common Shareholders		Per Share Amount
Earnings per common share, basic		3,529,605	$	617	$	0.17			3,425,644	*	$	1,219	$	0.36	*
Series C Preferred Stock Dividends				−								420
Effect of dilutive securities:
Convertible preferred stock		2,238,171		−		(0.08	)		2,329,600	*		−		(0.08	) *
Dilutive stock options		9,056		−		−			−			−		−
Earnings per common share, diluted		5,776,832	$	617	$	0.11			5,755,244	*	$	1,639	$	0.28	*

*Restated for 4% common stock dividend distributed July 11, 2016.

Nonvested restricted shares were included in weighted average common shares outstanding for computing basic earnings per share, as the holder has voting rights and would share in a stock or cash dividend during the vesting period.