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Note 3 - Earnings Per Share
 3 Months Ended
Mar. 31, 2016
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]

NOTE 3. EARNINGS PER SHARE


Basic earnings per share excludes dilution and 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 which do not have voting rights or share in dividends. Diluted earnings per share 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 Holding Company. The computation of diluted earnings per share does not assume conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect on earnings per share.


The following is a computation of basic and diluted earnings per share for the three months ended March 31, 2016 and 2015.


   

For the Three Months Ended

  

(Amounts in thousands, except per share information)

  

March 31,

  

Earnings Per Share

  

2016

    

2015

  

Numerators:

                

Net (loss) income

  $ (960 )   $ 1,801  

Less:

                

Preferred stock dividends

     —       50  

Net (loss) income available to common shareholders

   $ (960 )   $ 1,751  

Denominators:

                

Weighted average number of common shares outstanding - basic

     13,360       13,303  

Effect of potentially dilutive common shares (1)

     0       37  

Weighted average number of common shares outstanding - diluted

     13,360       13,340  

Earnings per common share:

                

Basic

   $ (0.07 )   $ 0.13  

Diluted

   $ (0.07 )   $ 0.13  

Anti-dilutive options not included in diluted earnings per share calculation

     120,700       124,200  
Anti-dilutive restricted shares not included in diluted earnings per share calculation     54,181       22,312  

(1) Represents the effects of the assumed exercise of stock options and vesting of non-participating restricted shares. For periods in which a net loss is reported, there is no effect on the calculation of diluted loss per share because the coversion is anti-dilutive.