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Earnings Per Share of Common Stock
 9 Months Ended
Sep. 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
September 30,

 

 

For the nine months ended
September 30,

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

 

(Dollars in thousands, except per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$
503

 

 

$
327

 

 

$
2,268

 

 

$
1,279

 

Less net income attributable to participating securities

 
1

 

 

-

 

 
5

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income available to common stockholders

 

$
502

 

 

$
327

 

 

$
2,263

 

 

$
1,279

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding for basic earnings per common share

 
26,702,564

 

 
29,076,708

 

 
26,662,344

 

 
29,076,708

 

Add: dilutive effects of unvested restricted stock awards

 
42,345

 

 

-

 

 
56,552

 

 

-

 

Add: dilutive effects of assumed exercises of stock options

 
79,898

 

 

-

 

 
3,748

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding for diluted earnings per common share

 
26,824,807

 

 
29,076,708

 

 
26,722,644

 

 
29,076,708

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share - basic

 

$
0.02

 

 

$
0.01

 

 

$
0.09

 

 

$
0.04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share - diluted

 

$
0.02

 

 

$
0.01

 

 

$
0.08

 

 

$
0.04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options for 90,625 shares of common stock for the three and nine months ended September 30, 2017 and for 540,625 shares of common stock for the three and nine months ended September 30, 2016 were not considered in computing diluted earnings per common share because they were anti-dilutive.