EX-11 2 exhibit11-earningspershare.htm EXHIBIT 11 - EARNINGS PER SHARE Exhibit


Exhibit 11
Earnings Per Share

Earnings per Share are calculated as follows:

 
 
For the years ended
 
 
December 31,
(Dollars in thousands except shares and per share data)
 
2018
 
2017
 
2016
Numerator for basic earnings per share:
 
 
 
 
 
 
Net Income from continuing operations
 
$
12,003

 
$
7,575

 
$
8,977

Less: Dividends on preferred stock
 
489

 
498

 
1,128

Net Income from continuing operations available to common shareholders - basic
 
11,514

 
7,077

 
7,849

Net Income from discontinued operations available to common shareholders - basic and diluted
 

 

 
3,935

Net Income available to common shareholders
 
$
11,514

 
$
7,077

 
$
11,784

 
 
 
 
 
 
 
Numerator for diluted earnings per share:
 
 
 
 
 
 
Net Income from continuing operations available to common shareholders - basic
 
$
11,514

 
$
7,077

 
$
7,849

Add: Dividends on preferred stock
 
489

 

 

Add: Interest on subordinated debt (tax effected)
 
753

 

 
1,390

Net Income available to common shareholders from continuing operations - diluted
 
$
12,756

 
$
7,077

 
$
9,239

 
 
 
 
 
 
 
Denominator:
 
 

 
 

 
 

Total average shares outstanding
 
11,030,984

 
10,308,738

 
8,212,021

Effect of dilutive convertible preferred stock
 
489,625

 

 

Effect of dilutive convertible subordinated debt
 
837,500

 

 
1,837,500

Effect of dilutive stock options and restricted stock units
 
363,894

 
131,490

 
19,212

Total diluted average shares outstanding
 
12,722,003

 
10,440,228

 
10,068,733

 
 
 
 
 
 
 
Earnings per share from continuing operations - basic
 
$
1.04

 
$
0.69

 
$
0.96

Earnings per share from discontinued operations - basic
 
$

 
$

 
$
0.48

Earnings per common shareholder - basic
 
$
1.04

 
$
0.69

 
$
1.44

 
 
 
 
 
 
 
Earnings per share from continuing operations - diluted
 
$
1.00

 
$
0.68

 
$
0.92

Earnings per share from discontinued operations - diluted
 
$

 
$

 
$
0.39

Earnings per common shareholder - diluted
 
$
1.00

 
$
0.68

 
$
1.31



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