Earnings Per Common Share

6 Months Ended

Jun. 30, 2016

Earnings Per Common Share [Abstract]

Earnings Per Common Share

Note 5. Earnings Per Common Share

A reconciliation of the numerator and denominator used in the earnings per common share calculations is as follows:

	Three Months Ended June 30, 2016
	Income			Shares (In thousands)		Per Share Amount
Basic and Diluted Earnings Per Common Share:
Net income	$	241			20,454
Less preferred stock dividends		(100	)		-
Net income applicable to common shareholders	$	141			20,454	$	.01

	Three Months Ended June 30, 2015
	Income			Shares (In thousands)		Per Share Amount
Basic Earnings Per Common Share:
Net income	$	3,345			20,573
Less preferred stock dividends		(100	)		-
Net income applicable to common shareholders		3,245			20,573	$	.16
Diluted Earnings Per Common Share:
Effect of Series D preferred stock		100			1,378
Net income applicable to common shareholders	$	3,345			21,951	$	.15

	Six Months Ended June 30, 2016
	Income			Shares (In thousands)		Per Share Amount
Basic and Diluted Earnings Per Common Share:
Net income	$	1,139			20,430
Less preferred stock dividends		(199	)		-
Net income applicable to common shareholders	$	940			20,430	$	.05

	Six Months Ended June 30, 2015
	Income			Shares (In thousands)		Per Share Amount
Basic Earnings Per Common Share:
Net income	$	4,036			20,582
Less preferred stock dividends		(199	)		-
Net income applicable to common shareholders		3,837			20,582	$	.19
Diluted Earnings Per Common Share:
Effect of Series D preferred stock		199			1,378
Net income applicable to common shareholders	$	4,036			21,960	$	.18

The assumed conversion of the Company’s Series D preferred stock was excluded from the earnings per common share calculation for the three month and six month periods ended June 30, 2016 since its impact would have been antidilutive.