Earnings Per Common Share
 9 Months Ended
Sep. 30, 2017
Earnings Per Common Share [Abstract]  
Earnings Per Common Share

Note 2 – Earnings Per Common Share



Basic earnings per common share is derived by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period and does not include the effect of any potentially dilutive common stock equivalents.  Diluted earnings per share is derived by dividing net income available to common shareholders by the weighted-average number of shares outstanding, adjusted for the dilutive effect of outstanding common stock equivalents.  There were no common stock equivalents at September 30, 2017 or September 30, 2016.



The following tables set forth the calculation of basic and diluted earnings per common share for the nine- and three-month periods ended September 30, 2017 and 2016:





 

 

 

 

 

 

 

 

 

 



Nine months ended September 30,



2017

2016



 

Average

Per Share

 

Average

Per Share

(in thousands, except for per share amount)

Income

Shares

Amount

Income

Shares

Amount

Basic and Diluted Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

Net income

$

 6,301 

 

 

 

$

 5,860 

 

 

 

Preferred stock dividends

 

 (990)

 

 

 

 

 (1,575)

 

 

 

Net income available to common shareholders

$

 5,311  6,887 

$

 0.77 

$

 4,285  6,263 

$

 0.68 









 

 

 

 

 

 

 

 

 

 



Three months ended September 30,



2017

2016



 

Average

Per Share

 

Average

Per Share

(in thousands, except for per share amount)

Income

Shares

Amount

Income

Shares

Amount

Basic and Diluted Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

Net income

$

 2,012 

 

 

 

$

 2,285 

 

 

 

Preferred stock dividends

 

 (225)

 

 

 

 

 (450)

 

 

 

Net income available to common shareholders

$

 1,787  7,067 

$

 0.25 

$

 1,835  6,269 

$

 0.29