Note 9 - Earnings Per Common Share

3 Months Ended

Mar. 31, 2017

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

ended

March

31,

2017,

as all of the remaining Series C Preferred Stock was converted to common stock on

June

29,

2016.

For the

three

months ended

March

31,

2016,

the impact of dilutive Series C Preferred Stock was the dividend paid to the preferred shareholders.

	For the Three Months Ended March 31,
	2017						2016
Dollars in Thousands, except share and per share data	Weighted Average Common Shares Outstanding		Net Income Available to Common Shareholders		Per Share Amount		Weighted Average Common Shares Outstanding			Net Income Available to Common Shareholders		Per Share Amount
Earnings per common share, basic		5,763,383	$	765	$	0.13		3,501,446	*	$	597	$	0.17	*
Series C Preferred Stock Dividends				−							204
Effect of dilutive securities:
Convertible preferred stock		−		−		−		2,263,040	*		−		(0.03	)*
Dilutive stock options		20,190		−		−		22,851			−		−
Earnings per common share, diluted		5,783,573	$	765	$	0.13		5,787,337	*	$	801	$	0.14	*

*Restated for

4%

common stock dividend distributed

July

11,

2016.

At

March

31,

2017

and

2016,

the number of stock options considered antidilutive and excluded from the calculation of diluted weighted average shares was

180,810

and

527,149,

respectively.

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.