Note 9 - Earnings Per Common Share

9 Months Ended

Sep. 30, 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. All of the remaining Series C Preferred Stock was converted to common stock on

June 29, 2016.

	For the Three Months Ended September 30,
	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		5,770,175	$	917	$	0.16		5,763,944	$	903	$	0.16
Series C Preferred Stock Dividends				−						−
Effect of dilutive securities:
Convertible preferred stock		−		−		−		−		−		−
Dilutive stock options		24,602		−		−		10,142		−		−
Earnings per common share, diluted		5,794,777	$	917	$	0.16		5,774,086	$	903	$	0.16

	For the Nine Months Ended September 30,
	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		5,767,602	$	2,116	$	0.37		4,279,821	$	1,520	$	0.36
Series C Preferred Stock Dividends				−						−
Effect of dilutive securities:
Convertible preferred stock		−		−				1,486,669		−		(0.10	)
Dilutive stock options		24,602		−				10,142		−		−
Earnings per common share, diluted		5,792,204	$	2,116	$	0.37		5,776,632	$	1,520	$	0.26

At

September 30, 2017

and

2016,

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

33,000

and

49,500,

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.