Earnings (Loss) Per Common Share

12 Months Ended

Dec. 31, 2017

Earnings (Loss) Per Common Share [Abstract]

Earnings (Loss) Per Common Share

NOTE 23 – EARNINGS (LOSS) PER COMMON SHARE

The two-class method is used in the calculation of basic and diluted earnings per share.  Under the two-class method, earnings available to common stockholders for the period are allocated between common stockholders and unvested share-based payment awards according to dividends declared (or accumulated) and participation rights in undistributed earnings.  The factors used in the earnings per share computation follow:

	December 31, 2017		December 31, 2016
Basic
Net income	$	1,346	$	1,627
Dividends on Series B  preferred stock and accretion of discount		(666)		(857)
Net income allocated to common stockholders	$	680	$	770
Weighted average common shares outstanding including unvested share-based payment awards		17,928,141		16,020,847
Less: Unvested share-based payment awards		-		-
Average shares		17,928,141		16,020,847
Basic earnings per common share	$	0.04	$	0.05
Diluted
Net earnings allocated to common stockholders	$	680	$	770
Add back: Preferred Dividends on Series B stock and accretion of discount		-		-
Net earnings allocated to common stockholders	$	680	$	770
Weighted average common shares outstanding for basic earnings per common share		17,928,141		16,020,847
Add: Dilutive effects of assumed exercises of stock options		216,486		38,184
Add: Dilutive effects of assumed exercises of stock warrants		1,141,725		-
Average shares and dilutive potential common shares		19,286,352		16,059,031
Diluted earnings per common share	$	0.04	$	0.05

The following potential common shares were anti-dilutive and not considered in computing diluted earnings (loss) per common share.

	2017	2016
Stock options	5,399	282,971
Series B preferred stock	-	6,857,143
Stock warrants	-	1,152,125