EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2017

PER COMMON SHARE DATA

EARNINGS PER SHARE

NOTE 4 – EARNINGS PER SHARE

The computation of basic and diluted earnings per share is shown below (in thousands, except per share data):

	Three months ended				Nine months ended
	September 30,				September 30,
	2017		2016		2017		2016
Net income	$	3,845	$	1,450	$	9,044	$	4,964
Less: Dividends paid to preferred stockholders		-		(3,420)		-		(3,420)
Less: Earnings allocated to participating securities		(74)		(39)		(174)		(35)
Net income (loss) available to common stockholders		3,771		(2,009)		8,870		1,509
Common and common equivalent shares:
Weighted average common shares outstanding
including participating shares		4,633		3,962		4,632		3,420
Less: Weighted average participating securities		(89)		(78)		(89)		(78)
Weighted average common shares outstanding		4,544		3,884		4,543		3,342
Incremental shares from assumed conversion of options		33		-		33		33
Weighted average common and common equivalent shares		4,577		3,884		4,576		3,375
Basic earnings (loss) per share	$	0.83	$	(0.52)	$	1.95	$	0.45
Diluted earnings (loss) per share		0.82		(0.52)		1.94		0.45

Stock options for 45,500 shares of common stock were not considered in computing diluted earnings per common share for three months and nine months ended September 30, 2017 and 2016 because they were antidilutive.