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Earnings Per Share of Common Stock
 6 Months Ended
Jun. 30, 2017
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 pursuant to the two-class method by dividing net income available to common stockholders less dividends paid on participating securities (unvested shares of restricted common stock) and any undistributed earnings attributable to participating securities by the weighted average common shares outstanding during the period.  The weighted average common shares outstanding includes the weighted average number of shares of common stock outstanding less the weighted average number of unvested shares of restricted common stock.  ESOP shares are considered outstanding for this calculation unless unearned.  Diluted earnings per share of common stock includes the dilutive effect of unvested stock awards and additional potential common shares issuable under stock options.

 

The following table shows how the Company computed basic and diluted earnings per share of common stock for the periods indicated:

 

 

 

For the three months ended
June 30,

 

 

For the six months ended
June 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

 

 

(Dollars in thousands, except per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$
533

 

 

$
319

 

 

$
1,765

 

 

$
952

 

Less net income attributable to participating securities

 
(1

)

 

-

 

 
(4

)

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income available to common stockholders

 

$
532

 

 

$
319

 

 

$
1,761

 

 

$
952

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding for basic earnings per common share

 
26,666,740

 

 
29,076,708

 

 
26,642,129

 

 
29,076,708

 

Add: dilutive effects of unvested restricted stock awards

 
56,552

 

 

-

 

 
63,655

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding for diluted earnings per common share

 
26,723,292

 

 
29,076,708

 

 
26,705,784

 

 
29,076,708

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share - basic

 

$
0.02

 

 

$
0.01

 

 

$
0.07

 

 

$
0.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share - diluted

 

$
0.02

 

 

$
0.01

 

 

$
0.07

 

 

$
0.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options for 540,625 shares of common stock for the three and six months ended June 30, 2017 and 2016 were not considered in computing diluted earnings per common share because they were anti-dilutive.