Note 4 - Earnings Per Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE 4. EARNINGS PER SHARE

Basic Earnings Per Share (“EPS”) is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period. 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 subsequently shared in the earnings of the entity.

The following is a computation of basic and diluted EPS for the three months ended March 31, 2015 and 2014.

	For the Three Months Ended
(Amounts in thousands, except per share data)	March 31,
Earnings Per Share	2015		2014
Numerators:
Net income	$	1,801	$	565
Less:
Preferred cash dividends		50		50
Net income available to common shareholders	$	1,751	$	515
Denominators:
Weighted average number of common shares outstanding - basic		13,303		13,942
Effect of potentially dilutive common shares (1)		37		45
Weighted average number of common shares outstanding - diluted		13,340		13,987
Earnings per common share:
Basic	$	0.13	$	0.04
Diluted	$	0.13	$	0.04
Anti-dilutive options not included in earnings per share calculation		124,200		123,437

On March 20, 2014, the Company announced that its Board of Directors authorized the purchase of up to 700,000 or 5% of its outstanding shares over a 12 month period. The stock repurchase plan authorized the Company to conduct open market purchases or privately negotiated transactions from time to time when, at management’s discretion, it was determined that market conditions and other factors warranted such purchases. Pursuant to the plan, the Company repurchased and subsequently retired 700,000 common shares during the six months ended June 30, 2014.