Note 4 - Earnings Per Common Share -

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Earnings Per Share [Text Block]

Note

4

–

Earnings per Common Share

–

Basic earnings per share (EPS) represents income available to common shareholders divided by the weighted average number of common shares outstanding;

no

dilution for any potentially convertible shares is included in the calculation. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The potential common shares that

may

be issued by the Company relate to outstanding stock warrants and stock options.

	Years Ended December 31,
	2019		2018		2017
	(Dollars in thousands, except per share data)
Numerator:
Net Income Available to Common Shares	$	23,772	$	14,091	$	4,848
Denominator:
Weighted Average Common Shares Outstanding		13,310,577		11,124,585		7,658,137
Dilutive Effect of Stock Options and Warrants		360,200		421,358		345,822
Weighted Average Dilutive Common Shares		13,670,777		11,545,943		8,003,959
Basic Earnings Per Common Share From Net Income Available to Common Shares	$	1.79	$	1.27	$	0.63
Diluted Earnings Per Common Share From Net Income Available to Common Shares	$	1.74	$	1.22	$	0.61