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Earnings Per Share
3 Months Ended
Mar. 31, 2014
Earnings Per Share  
Earnings Per Share

Note 9 – Earnings Per Share

 

Basic earnings per share excludes dilution and is computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding for the period, excluding common shares in treasury.  Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted from the issuance of common stock that would then share in earnings and excludes common shares in treasury.  Stock options exercisable for shares of common stock are excluded from the computation of diluted earnings per share if they are anti-dilutive due to their exercise price exceeding the average market price during the period.

 

The impact of stock options which are anti-dilutive are excluded from the computations of diluted earnings per share.  The dilutive impact of these securities could be included in future computations of diluted earnings per share if the market price of the common stock increases.  The following table sets forth the number of stock options excluded for the periods indicated:

 

 

 

Three Months Ended
March 31,

 

 

 

2014

 

2013

 

 

 

 

 

 

 

Stock options excluded

 

700,598

 

102,193

 

 

The following tables set forth the Company’s unaudited earnings per share calculations for the periods indicated:

 

 

 

Three Months Ended March 31,

 

 

 

2014

 

2013

 

 

 

Net 
Income

 

Shares

 

Per Share
Amount

 

Net
Income

 

Shares

 

Per Share 
Amount

 

 

 

(dollars in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

2,632

 

 

 

 

 

$

1,972

 

 

 

 

 

Basic income available to common stockholders

 

2,632

 

17,041,594

 

$

0.15

 

1,972

 

14,355,407

 

$

0.14

 

Effect of dilutive stock options

 

 

334,407

 

 

 

 

761,809

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income available to common stockholders plus assumed conversions

 

$

2,632

 

17,376,001

 

$

0.15

 

$

1,972

 

15,117,216

 

$

0.13