Note 27 - Earnings Per Common Share

12 Months Ended

Dec. 31, 2016

NOTE

. EARNINGS PER COMMON SHARE

The following table presents a computation of basic and diluted earnings per share for the years ended

December

31,

2016,

2015

and

2014.

(Amounts in thousands, except per share information)
Earnings Per Share	2016		2015		2014
Numerators:
Net income	$	5,259	$	8,586	$	5,727
Less:
Preferred stock extinguishment costs		—		102		—
Preferred stock dividends		—		189		200
Net income available to common shareholders	$	5,259	$	8,295	$	5,527
Denominators:
Weighted average number of common shares outstanding - basic		13,367		13,331		13,475
Effect of potentially dilutive common shares (1)		58		34		45
Weighted average number of common shares outstanding - diluted		13,425		13,365		13,520
Earnings per common share:
Basic	$	0.39	$	0.62	$	0.41
Diluted	$	0.39	$	0.62	$	0.41
Anti-dilutive options not included in earnings per share calculation		45		121		104
Anti-dilutive restricted shares not included in earnings per share calculation		—		41		—

(1)

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

The Holding Company authorized, repurchased and subsequently retired

700,000

common shares under a plan announced in

2014.

As such, the weighted average number of dilutive common shares outstanding decreased by

154,986

during the year ended

December

31,

2015.