Earnings Per Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Basic net earnings per share, or basic earnings per share (“EPS”), is computed by dividing net income to common shareholders by the weighted average number of common shares outstanding for the period.

Diluted EPS reflects the potential dilution that could occur if COB's potential common stock, which consists of dilutive stock options and a common stock warrant, were issued. As required for entities with complex capital structures, a dual presentation of basic and diluted EPS is included on the face of the income statement, and a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation is provided in this note.

(dollars in thousands, except share and per share data)	For Three Months Ended
	March 31, 2015		March 31, 2014
Net income	$	2,519	$	1,277
Weighted average number of shares outstanding - basic	24,183,396		21,935,566
Weighted average number of shares outstanding - diluted	24,195,108		21,935,566
Net income per share - basic and diluted	$	0.10	$	0.06

During the three months ended March 31, 2015 and March 31, 2014, the price of the Company's common stock (as quoted on the Nasdaq Capital Market) was below the price of the common stock warrant. As a result, the warrant was considered antidilutive and thus is not included in the diluted share calculation.

For the three months ended March 31, 2015, there were 22,127 antidilutive shares. For the three months ended March 31, 2014, there were 22,713 antidilutive shares. Of the antidilutive shares, the number of shares relating to stock options were 55 for the three months ended March 31, 2015 and 641 for the three months ended March 31, 2014, while the number relating to the warrant was 22,072 for all periods presented.