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Earnings Per Common Share
 12 Months Ended
Dec. 31, 2020
Earnings Per Common Share [Abstract]  
Earnings Per Common Share

NOTE 22 – EARNINGS 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 participating securities (certain unvested share-based awards and Series C preferred stock outstanding) according to dividends declared (or accumulated) and participation rights in undistributed earnings.  The factors used in the earnings per share computation follow:





 

 

 

 

 



December 31, 2020

 

December 31, 2019

Basic

 

 

 

 

 

Net income

$

 29,608 

 

$

 9,601 

Accretion of discount and value of warrants exercised related to Series B preferred stock (1)

 

 -

 

 

 219 

Earnings allocated to participating securities (Series C preferred stock) (2)

 

 (2,280)

 

 

 (430)

Net income allocated to common stockholders

$

 27,328 

 

$

 9,390 



 

 

 

 

 

Weighted average common shares outstanding including unvested share-based payment awards 

 

 6,072,829 

 

 

 4,582,997 

Less: Unvested share-based payment awards-2019 Plan

 

 (43,732)

 

 

 (1,532)

Average shares

 

 6,029,097 

 

 

 4,581,465 

Basic earnings per common share

$

 4.53 

 

$

 2.05 



 

 

 

 

 

Diluted

 

 

 

 

 

Net earnings allocated to common stockholders

$

 27,328 

 

$

 9,390 

Add back: Preferred Dividends on Series B stock and accretion of discount

 

 -

 

 

 -

Net earnings allocated to common stockholders

$

 27,328 

 

$

 9,390 



 

 

 

 

 

Weighted average common shares outstanding for basic earnings per common share

 

 6,029,097 

 

 

 4,581,465 

Add: Dilutive effects of assumed exercises of stock options

 

 34,158 

 

 

 38,620 

Add: Dilutive effects of assumed exercises of stock warrants

 

 -

 

 

 6,947 

Add:  Dilutive effects of unvested share-based payment awards-2019 Plan

 

 43,732 

 

 

 1,532 

Average shares and dilutive potential common shares

 

 6,106,987 

 

 

 4,628,564 

Diluted earnings per common share

$

 4.47 

 

$

 2.03 



(1)

All outstanding warrants expired on July 15, 2019.

(2)

All 12,607 outstanding shares of Series C preferred stock were converted into a total of 1,260,700 shares of the Company’s Non-Voting Common Stock effective as of the close of business on May 28, 2020.



The following securities were anti-dilutive and not considered in computing diluted earnings per common share.





 

 

 

 

 



 

2020

 

 

2019

Stock options

 

 331 

 

 

 463