Earnings Per Common Share

3 Months Ended

Mar. 31, 2016

2. EARNINGS PER COMMON SHARE

Basic earnings per common share is computed as net income available to common shareholders divided by the weighted average number of common shares outstanding during the period.

Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock using the treasury stock method. Outstanding stock options issued by the Company represent the only dilutive effect reflected in diluted weighted average shares.

The following table illustrates the computation of basic and diluted earnings per share:


	Three Months Ended March 31,
	2016				2015
	Amount		Per Share Amount		Amount		Per Share Amount
	(Amounts in thousands, except per share amounts)

Net income	$	1,839			$	4,649

Basic:
Weighted average shares outstanding		36,706	$	0.05		26,176	$	0.18

Diluted:
Add incremental shares for:
Effect of dilutive securities - options		3				183
Total		36,709	$	0.05		26,359	$	0.18

The following table described the Company’s share repurchase activities for the three months ended March 31, 2016:


Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Program	Approximate Dollar Value of Shares that May Yet Be Purchased under the Plans or Programs(1)

January 1 - January 31, 2016	-	$	-	-	$	15,000,000
February 1 - February 29, 2016	178,000		7.04	178,000		13,746,730
March 1 - March 31, 2016	-		-	-		13,746,730
Total	178,000	$	7.04	178,000

⁽¹⁾

On April 30, 2015, the Company announced the Board of Directors approved a stock repurchase program under which it authorized the Company to repurchase, in the aggregate, up to $15.0 million of the Company’s outstanding common stock. The repurchase program remains in place, but may be limited or terminated at any time without prior notice. Under the authorized stock repurchase agreement, the Company could repurchase shares in open-market purchases or through privately negotiated transactions as permitted under Rule 10b-18 promulgated under the Exchange Act. As of March 31, 2016, the Company had repurchased an aggregate of $1.3 million of the Company’s outstanding common stock under this program at an average price of $7.04 per share. From February 2, 2016 through February 29, 2016, the Company made several repurchases under the program at an average price of $7.04 per share.