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Note 26 - Earnings Per Common Share
12 Months Ended
Dec. 31, 2014
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]

NOTE 26. EARNINGS PER COMMON SHARE


The following table presents a computation of basic and diluted earnings per share for the years ended December 31, 2014, 2013 and 2012:


(Dollars in thousands, except per share data)

                       

Earnings Per Share

 

2014

   

2013

   

2012

 

Numerators:

                       

Net income from continuing operations

  $ 5,727     $ 7,935     $ 7,560  

Less:

                       

Preferred stock dividends

    200       200       880  

Net income from continuing operations available to common shareholders

  $ 5,527     $ 7,735     $ 6,680  
                         

Net income from discontinued operations

  $     $     $ 204  

Less:

                       

Net income from discontinued operations attributable to noncontrolling interest

                348  

Net (loss) from discontinued operations attributable to controlling interest available to common shareholders

  $     $     $ (144 )
                         

Denominators:

                       

Weighted average number of common shares outstanding - basic

    13,475       14,940       16,344  

Effect of potentially dilutive common shares (1)

    45       24        

Weighted average number of common shares outstanding - diluted

    13,520       14,964       16,344  
                         

Earnings (loss) per common share:

                       

Basic attributable to continuing operations

  $ 0.41     $ 0.52     $ 0.41  

Basic attributable to discontinued operations

  $     $     $ (0.01 )

Diluted attributable to continuing operations

  $ 0.41     $ 0.52     $ 0.41  

Diluted attributable to discontinued operations

  $     $     $ (0.01 )

Anti-dilutive options not included in earnings per share calculation

    104,200       115,837       342,437  

(1)

Represents the effects of the assumed exercise of stock options and vesting of non-participating restricted shares.


The Company authorized repurchased and subsequently retired 700,000 common shares under a plan announced in 2014, 2,000,000 common shares under two separate plans announced in 2013 and 1,019,490 common shares under a plan announced in 2012. As such, the weighted average number of dilutive common shares outstanding decreased by 1,443,826, 1,404,165 and 647,481 during the years ended December 31, 2014, 2013 and 2012 respectively. The decrease in weighted average shares positively contributed to increases in earnings per common share, and return on common equity. See Note 18 Shareholders’ Equity in these Notes to Consolidated Financial Statements, for further details of the repurchase plans