Note 2 - Common Stock Outstanding and Earnings Per Share

3 Months Ended

Mar. 31, 2020

NOTE

COMMON STOCK OUTSTANDING AND EARNINGS PER SHARE

Basic earnings per share excludes dilution and is computed by dividing 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 would 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 then 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, 2020

and

2019.

	For the Three Months Ended
(Amounts in thousands, except per share information)	March 31,
Earnings Per Share	2020		2019
Numerators:
Net income	$	916	$	2,306
Denominators:
Weighted average number of common shares outstanding - basic (1)		17,695		17,489
Effect of potentially dilutive common shares (2)		52		63
Weighted average number of common shares outstanding - diluted		17,747		17,552
Earnings per common share:
Basic	$	0.05	$	0.13
Diluted	$	0.05	$	0.13
Anti-dilutive options not included in diluted earnings per share calculation		—		—
Anti-dilutive restricted shares not included in diluted earnings per share calculation		—		—

( 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.

September 18, 2019,

we announced that our Board of Directors had authorized a stock repurchase program. The program was effective immediately and authorized the Company to purchase up to

1.0

million shares of common stock over a period ending

March 31, 2020.

February 21, 2020,

we announced that our Board of Directors increased the number of shares that

may

be purchased from

1.0

million to

1.5

million shares of common stock, and extended the program by

one

year to

March 31, 2021.

During the

first

quarter of

2020

and the

fourth

quarter of

2019,

we repurchased

1,351,922

and

90,501

shares of common stock, respectively. The remaining

57,577

shares under the program were repurchased during the

first

week of

April 2020.

All

1.5

million shares were repurchased at a total cost of

$13.6

million including commissions, or an average of

$9.11

per share.