Earnings Per Common Share

9 Months Ended

Sep. 30, 2017

Following is a summary of the information used in the computation of earnings per common share (in thousands):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017			2016
Net earnings available to common shareholders	$	856	$	1,587	$	(3,689	)	$	5,191
Dividends on Series C preferred stock	—		—		—			—
Adjusted net earnings available to common shareholders	$	856	$	1,587	$	(3,689	)	$	5,191
Weighted average number of common shares outstanding used in computation of basic earnings per common share	16,395		11,262		13,314			11,260
Effect of dilutive securities:
Stock options	1		1		4			—
Weighted average number of common shares outstanding plus effect of dilutive securities – used in computation of diluted earnings per share	16,396		11,263		13,318			11,260

On July 11, 2017, the Company completed the sale of an additional 516,700 shares of its common stock, pursuant to the partial exercise of the option to purchase additional shares granted to the underwriter in connection with the Company’s recently completed public offering of 4,583,334 shares at $12.00 per share. The partial exercise of the underwriter’s option to purchase additional shares resulted in additional gross proceeds of approximately $6.2 million bringing the total gross proceeds to approximately $61.2 million and total net proceeds to approximately $57.2 million.

Following is a summary of the securities that were excluded from the computation of diluted earnings per share because the effects of the shares were anti-dilutive (in thousands):



	Three Months Ended September 30,		Nine Months Ended September 30,
	2017	2016	2017	2016
Stock options	236	304	84	309
Restricted stock	—	11	—	11
Shares subject to the outstanding warrant issued in connection with the CPP transaction	104	104	104	104
Convertible preferred stock	500	507	500	507