Earnings Per Common Share

6 Months Ended

Jun. 30, 2017

Following is a summary of the information used in the computation of earnings per common share (in thousands):



	Three Months Ended June 30,					Six Months Ended June 30,
	2017			2016		2017			2016
Net earnings available to common shareholders	$	(6,225	)	$	1,682	$	(4,545	)	$	3,604
Dividends on Series C preferred stock	—			—		—			—
Adjusted net earnings available to common shareholders	$	(6,225	)	$	1,682	$	(4,545	)	$	3,604
Weighted average number of common shares outstanding used in computation of basic earnings per common share	12,227			11,255		11,749			11,258
Effect of dilutive securities:
Stock options	10			—		13			—
Restricted stock	—			—		—			—
Convertible preferred stock and warrants	—			—		—			—
Weighted average number of common shares outstanding plus effect of dilutive securities – used in computation of diluted earnings per share	12,237			11,255		11,762			11,258

On June 13, 2017, the Company completed the sale of 4,583,334 shares of its common stock, which shares are included in the share count above. After deducting the underwriting discount and costs associated with the capital raise, the offering resulted in net proceeds of $51.4 million.

Following is a summary of the securities that were excluded from the computation of diluted earnings per share because the effects of the shares were anti-dilutive (in thousands):



	Three Months Ended June 30,		Six Months Ended June 30,
	2017	2016	2017	2016
Stock options	84	319	84	324
Restricted stock	—	11	—	11
Shares subject to the outstanding warrant issued in connection with the CPP transaction	104	104	104	104
Convertible preferred stock	505	507	505	507