Note 26 - Earnings Per Common Share

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE

2

6

. EARNINGS PER COMMON SHARE

The following table presents a computation of basic and diluted

earnings per share for the years ended

December 31, 2017,

2016

and

2015.

(Amounts in thousands, except per share information)
Earnings Per Share	2017		2016		2015
Numerators:
Net income	$	7,344	$	5,259	$	8,586
Less:
Preferred stock extinguishment costs		—		—		102
Preferred stock dividends		—		—		189
Net income available to common shareholders	$	7,344	$	5,259	$	8,295
Denominators:
Weighted average number of common shares outstanding - basic (1)		15,207		13,367		13,331
Effect of potentially dilutive common shares (2)		103		58		34
Weighted average number of common shares outstanding - diluted		15,310		13,425		13,365
Earnings per common share:
Basic	$	0.48	$	0.39	$	0.62
Diluted	$	0.48	$	0.39	$	0.62
Anti-dilutive options not included in earnings per share calculation		—		45		121
Anti-dilutive restricted shares not included in diluted earnings per share calculation		7		—		41

(

1

)

Excludes unvested restricted shares because they do

not

have dividend or voting rights.

(

2

)

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

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.