 |
|
|
 |
|
Earnings Per Share
Basic earnings per share is computed on the basis of the weighted average number of common shares outstanding. Diluted earnings per share is computed on the basis of the weighted average number of common shares outstanding plus the effect of outstanding preferred shares using the “if-converted” method, assumed net-share settlement of common stock structured repurchases, outstanding put warrants using the “reverse treasury stock” method, and outstanding stock options using the “treasury stock” method.
The components of basic and diluted earnings per share were as follows:
 |
|
|
|
|
|
|
 |
 |
|
 |
|
 |
|
| |
|
|
|
|
|
|
| Income before accounting change |
$ |
7,785 |
|
$ |
9,421 |
|
$ |
7,721 |
|
| Preferred stock dividends |
28 |
|
13 |
|
– |
|
|
|
| Net income available for common shareholders |
$ |
7,757 |
|
$ |
9,408 |
|
$ |
7,721 |
|
|
|
| |
|
|
|
|
|
|
| Weighted average outstanding shares of common stock |
5,028 |
|
5,189 |
|
5,341 |
|
| Dilutive effect of: |
|
|
|
|
|
|
| |
Common stock under structured repurchases |
13 |
|
– |
|
– |
|
| |
Put warrants |
– |
|
2 |
|
21 |
|
| |
Preferred stock |
16 |
|
7 |
|
– |
|
| |
Employee stock options |
425 |
|
338 |
|
212 |
|
|
|
| Common stock and common stock equivalents |
5,482 |
|
5,536 |
|
5,574 |
|
|
|
| |
|
|
|
|
|
|
| Earnings per share before accounting change: |
|
|
|
|
|
|
| |
Basic |
$ |
1.54 |
|
$ |
1.81 |
|
$ |
1.45 |
|
|
|
| |
Diluted |
$ |
1.42 |
|
$ |
1.70 |
|
$ |
1.38 |
|
|
|
|
|
