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)

 

    Six months   Three months
    Ended June 30,   Ended June 30,
    2014   2013   2014   2013
                 
Numerator (Net income available to common shareholders)   $ 2,063     $ 2,241     $ 1,201     $ 1,203  
Denominator                                
Weighted average common shares outstanding for:                                
Basic earnings per share     6,654       5,274       6,413       5,292  
Dilutive securities:                                
Deferred compensation     18       —         18       —    
Warrants – Treasury stock method     47       38       46       37  
Diluted earnings per share     6,719       5,312       6,477       5,329  
The average market price used in                                
calculating assumed number of shares   $ 10.88     $ 9.15     $ 10.86     $ 9.05  

 

At June 30, 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 June 30, 2014 or $10.88 for the six-month period ended June 30, 2014, and, therefore they are not deemed to be dilutive. At June 30, 2013, there were 73,022 outstanding options at an average exercise price of $20.23. None of these options has an exercise price below the average market price of $9.05 for the three-month period ended June 30, 2013 or $9.15 for the six-month period ended June 30, 2013, and, therefore they are not deemed to be dilutive. In the fourth quarter of 2011, we issued $2.5 million in 8.75% subordinated notes maturing on 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 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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