Note 4 - Earnings Per Share

9 Months Ended

Sep. 30, 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 excluding unvested restricted stock awards. Holders of unvested restricted stock awards do not receive dividend or voting rights and do not share in undistributed earnings. 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 Company.

The following is a computation of basic and diluted EPS for the three and nine months ended September 30, 2015 and 2014.

	For the Three Months Ended				For the Nine Months Ended
(Amounts in thousands, except per share information)	September 30,				September 30,
Earnings Per Share	2015		2014		2015		2014
Numerators:
Net income	$	2,525	$	1,273	$	6,716	$	4,044
Less:
Preferred cash dividends		50		50		150		150
Net income available to common shareholders	$	2,475	$	1,223	$	6,566	$	3,894
Denominators:
Weighted average number of common shares outstanding - basic		13,340		13,294		13,327		13,536
Effect of potentially dilutive common shares (1)		37		45		31		46
Weighted average number of common shares outstanding - diluted		13,377		13,339		13,358		13,582
Earnings per common share:
Basic	$	0.18	$	0.09	$	0.49	$	0.29
Diluted	$	0.18	$	0.09	$	0.49	$	0.29
Anti-dilutive options not included in earnings per share calculation		120,700		103,411		149,346		110,575

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 700,000 common shares during the six months ended June 30, 2014.