Earnings Per Share

6 Months Ended

Jun. 30, 2017

Earnings Per Share

Earnings Per Share

Note 11 – Earnings Per Share

The earnings per share – both basic and diluted – are included below as of June 30 (in thousands except for share and per share data):

	Quarters Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Basic earnings per share:
Weighted-average common shares outstanding		29,587,095		29,535,915		29,573,881		29,509,672
Net income	$	5,457	$	3,845	$	10,029	$	7,167
Basic earnings per share	$	0.19	$	0.13	$	0.34	$	0.24
Diluted earnings per share:
Weighted-average common shares outstanding		29,587,095		29,535,915		29,573,881		29,509,672
Dilutive effect of nonvested restricted awards1		426,264		305,324		400,232		313,832
Dilutive effect of stock options		2,546		-		2,431		-
Diluted average common shares outstanding		30,015,905		29,841,239		29,976,544		29,823,504
Net Income	$	5,457	$	3,845	$	10,029	$	7,167
Diluted earnings per share	$	0.18	$	0.13	$	0.33	$	0.24
Number of antidilutive options and warrants excluded from the diluted earnings per share calculation		900,839		977,839		900,839		977,839
1Includes the common stock equivalents for restricted share rights that are dilutive.

The above earnings per share calculation did not include a warrant for 815,339 shares of common stock, at an exercise price of $13.43 per share, that was outstanding as of June 30, 2017, and June 30, 2016, because the warrant was anti-dilutive.   Of note, the ten year warrant was issued in 2009, and was sold at auction by the Treasury in June 2013 to a third party investor.