Earnings (Loss) Per Share of Common Stock

3 Months Ended

Mar. 31, 2014

Earnings (Loss) Per Share of Common Stock

Earnings (Loss) Per Share of Common Stock

NOTE (2) – Earnings (Loss) Per Share of Common Stock

Basic earnings (loss) per share of common stock is computed by dividing income (loss) available to common stockholders by the weighted average number of shares of common stock outstanding for the period.  Diluted earnings (loss) per share of common stock is computed by dividing income (loss) available to common stockholders by the weighted average number of shares of common stock outstanding for the period, increased for the dilutive effect of common stock equivalents.

The following table shows how the Company computed basic and diluted earnings (loss) per share of common stock for the three months ended March 31, 2014 and 2013:

	For the three months ended March 31,
	2014		2013
	(In thousands, except share and per share)
Basic
Net income (loss)	$	989	$	(616)
Less: Preferred stock dividends and accretion	-		(315)
Income (loss) available to common stockholders	$	989	$	(931)
Weighted average common shares outstanding	20,224,682		1,917,422
Earnings (loss) per common share - basic	$	0.05	$	(0.49)
Diluted
Net income (loss)	$	989	$	(616)
Less: Preferred stock dividends and accretion	-		(315)
Income (loss) available to common stockholders	$	989	$	(931)
Weighted average common shares outstanding	20,224,682		1,917,422
Add: dilutive effects of assumed exercises of stock options	-		-
Weighted average common shares - fully diluted	20,224,682		1,917,422
Earnings (loss) per common share - diluted	$	0.05	$	(0.49)

Stock options for 93,750 and 164,178 shares of common stock were not considered in computing diluted earnings (loss) per common share for the three months ended March 31, 2014 and 2013 because they were anti-dilutive.