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Note 2 - Common Stock Outstanding and Earnings Per Share

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 2. 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 and nine months ended September 30, 2020 and 2019.

		For the Three Months Ended								For the Nine Months Ended
		September 30,								September 30,
(Amounts in thousands, except per share information)		2020				2019				2020				2019
Earnings Per Share:
Numerators:
Net income		$	4,329			$	4,642			$	9,092			$	10,592
Denominators:
Weighted average number of common shares outstanding - basic⁽¹⁾			16,660				18,130				17,004				17,918
Effect of potentially dilutive common shares ⁽²⁾			36				66				40				63
Weighted average number of common shares outstanding - diluted			16,696				18,196				17,044				17,981
Earnings per common share:
Basic		$	0.26			$	0.26			$	0.53			$	0.59
Diluted		$	0.26			$	0.26			$	0.53			$	0.59
Anti-dilutive restricted shares not included in diluted earnings per share calculation			73				—				63				—

⁽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.

In 2019, we announced a stock repurchase program for 1.0 million shares of common stock that was subsequently increased to 1.5 million shares of common stock. Between October of 2019 and 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.