Earnings Per Share

12 Months Ended

Dec. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share

Note S

Earnings Per Share

Basic earnings per common share were computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding during the year.

The number of shares utilized to compute earnings per share for the years ended December 31, 2015, 2014 and 2013, have been restated to reflect a 1 for 5 reverse stock split effective December 13, 2013.

In 2015, 2014, and 2013, options and warrants to purchase 456,000, 293,000, and 102,000 shares, respectively, were antidilutive and accordingly were excluded in determining diluted earnings per share.

	Year Ended December 31
	Net Income				Per Share
	(Loss)		Shares		Amount
	(Dollars in thousands,
	except per share data)
2015
Basic Earnings Per Share
Income available to common shareholders	$	22,141		33,495,827	$	0.66
Diluted Earnings Per Share
Employee restricted stock and stock options (See Note J)				248,344
Income available to common shareholders plus assumed conversions	$	22,141		33,744,171	$	0.66
2014
Basic Earnings Per Share
Income available to common shareholders	$	5,696		27,538,955	$	0.21
Diluted Earnings Per Share
Employee restricted stock and stock options (See Note J)				177,940
Income available to common shareholders plus assumed conversions	$	5,696		27,716,895	$	0.21
2013
Basic Earnings Per Share
Income available to common shareholders	$	47,916		19,449,560	$	2.46
Diluted Earnings Per Share
Employee restricted stock (See Note J)				200,445
Income available to common shareholders plus assumed conversions	$	47,916		19,650,005	$	2.44