Earnings Per Share of Common Stock

9 Months Ended

Sep. 30, 2015

Earnings Per Share of Common Stock

Earnings Per Share of Common Stock

NOTE (2) – Earnings Per Share of Common Stock

Basic earnings per share of common stock is computed by dividing income available to common stockholders by the weighted average number of shares of common stock outstanding for the period.  Diluted earnings per share of common stock is computed by dividing income 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 per share of common stock for the three and nine months ended September 30, 2015 and 2014:

	For the three months ended September 30,				For the nine months ended September 30,
	2015		2014		2015		2014
	(Dollars in thousands, except share and per share)
Basic
Net income	$	979	$	765	$	3,430	$	1,813
Weighted average common shares outstanding	29,076,708		20,247,159		29,076,708		20,238,679
Earnings per common share - basic	$	0.03	$	0.04	$	0.12	$	0.09
Diluted
Net income	$	979	$	765	$	3,430	$	1,813
Weighted average common shares outstanding	29,076,708		20,247,159		29,076,708		20,238,679
Add: dilutive effects of assumed exercises of stock options	-		-		-		-
Weighted average common shares - fully dilutive	29,076,708		20,247,159		29,076,708		20,238,679
Earnings per common share - diluted	$	0.03	$	0.04	$	0.12	$	0.09

Stock options for 93,750 shares of common stock were not considered in computing diluted earnings per common share for the three and nine months ended September 30, 2015 and 2014, respectively, because they were anti-dilutive.