Note 3 - Common Stock Outstanding and Earnings Per Share

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE

3.

COMMON STOCK OUTSTANDING AND EARNINGS PER SHARE

On

May 10, 2017,

the Company announced the closing of its underwritten public offering, at the public offering price of

$10.50

per share. The total number of shares of common stock sold by the Company was

2,738,096

shares. Net proceeds raised in the offering, after underwriting discounts and expenses of the offering, were

$26.8

million.

Basic earnings per share excludes dilution and is computed by dividing net income 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

and

six

months ended

June 30, 2017

and

2016.

	For the Three Months Ended				For the Six Months Ended
(Amounts in thousands, except per share information)	June 30,				June 30,
Earnings Per Share	2017		2016		2017		2016
Numerators:
Net income	$	2,209	$	1,556	$	4,461	$	596
Denominators:
Weighted average number of common shares outstanding - basic		15,014		13,367		14,220		13,364
Effect of potentially dilutive common shares (1)		99		58		101		44
Weighted average number of common shares outstanding - diluted		15,113		13,425		14,321		13,408
Earnings per common share:
Basic	$	0.15	$	0.11	$	0.31	$	0.04
Diluted	$	0.15	$	0.11	$	0.31	$	0.04
Anti-dilutive options not included in diluted earnings per share calculation		68		116		77		116
Anti-dilutive restricted shares not included in diluted earnings per share calculation		45		—		44		41

(

1

)

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