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 |
|Numerator (Net income available to common shareholders)||$||862||$||1,038|
|Weighted average common shares outstanding for:|
|Basic earnings per share||6,169||5,255|
|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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