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Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2019
Earnings Per Share  
Summary of diluted earnings per share

 

 

 

 

 

 

 

 

 

    

Year Ended December 31, 

(Dollars in thousands, except per share data)

    

2019

    

2018

Net income

 

$

5,893

 

$

5,482

Net income attributable to noncontrolling interest

 

 

(10)

 

 

 —

Net income applicable to basic earnings per common share

 

 

5,883

 

 

5,482

Weighted average shares outstanding

 

 

10,925

 

 

9,691

Basic earnings per share

 

$

0.538

 

$

0.566

Effect of dilutive securities:

 

 

  

 

 

  

Weighted average shares outstanding under options Delmar 2004 stock option plan (1)

 

 

 7

 

 

27

Weighted average exercise price per share

 

$

9.05

 

$

9.05

Assumed proceeds on exercise

 

$

63

 

$

244

Average market value per share

 

$

7.46

 

$

7.47

Weighted average shares outstanding under options Liberty 2004 stock option plan

 

 

12

 

 

12

Weighted average exercise price per share

 

$

3.98

 

$

3.98

Assumed proceeds on exercise

 

$

48

 

$

48

Average market value per share

 

$

7.46

 

$

7.47

Less: Treasury stock purchased with assumed proceeds from exercise

 

 

 6

 

 

 6

Weighted average shares outstanding under options Partners 2015 stock option plan

 

 

32

 

 

 —

 Weighted average exercise price per share

 

$

6.14

 

$

 —

 Assumed proceeds on exercise

 

$

196

 

$

 —

 Average market value per share

 

$

7.00

 

$

 —

 Less:  Treasury stock purchased with assumed proceeds from exercise

 

 

26

 

 

 —

Weighted average shares outstanding under restricted stock plans (2)

 

 

 9

 

 

10

Diluted weighted average shares and common stock equivalents

 

 

10,946

 

 

9,707

Diluted earnings per share

 

$

0.537

 

$

0.565

(1)

Options were excluded from the calculation of dilutive earnings per share because they are anti‑dilutive.

Includes vested shares not yet issued and nonvested shares as of December 31.