First Community Corporation Just Filed Its Quarterly Report: Note 2 – Earnings Pe...


Note 2 – Earnings Per Common Share

 

The following reconciles the numerator and denominator of the basic and diluted earnings per common share computation:

 

(In thousands except average market price)

 

 < /td>   Three months ended
March 31,
    2014   2013
         
Numerator (Net income available to common shareholders)   $ 862     $ 1,038  
Denominator                
  Weighted average common shares outstanding for:                
     Basic earnings per share     6,169       5,255  
     Dilutive securities:                
         Deferred compensation     17       —    
         Warrants – Treasury stock method     43       37  
     Diluted earnings per share     6,229       5,292  
The average market price used in calculating assumed number of shares   $ 10.86     $ 8.93  

 

At March 31, 2014, there were 70,903 outstanding options at an average exercise price of $20.83. None of these options has an exercise price below the average market price of $10.86 for the three-month period ended March 31, 2014, and, therefore, they are not deemed to be dilutive. At March 31, 2013, there were 75,022 outstanding options at an average exercise price of $19.69. None of these options had an exercise price below the average market price of $8.93 for the three-month period ended March 31, 2013, and, therefore, they were not deemed to be dilutive. In the fourth quarter of 2011, we issued $2.5 million in 8.75% subordinated notes maturing December 16, 2019. On November 15, 2012, the subordinated notes were redeemed in full at par. Warrants for 107,500 shares of common stock at $5.90 per share were also issued in connection with the issuance of the subordinated debt. These warrants expire December 16, 2019 and are included in dilutive securities in the table above.

 

The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.

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Other recent filings from the company include the following:

Current report, items 2.02, 8.01, and 9.01 - Oct. 23, 2014
Current report, items 8.01 and 9.01 - Sept. 30, 2014

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