Annual report pursuant to Section 13 and 15(d)

NET INCOME PER COMMON SHARE

v3.6.0.2
NET INCOME PER COMMON SHARE
12 Months Ended
Dec. 31, 2016
NET INCOME PER COMMON SHARE [Abstract]  
NET INCOME PER COMMON SHARE
NOTE 19 - NET INCOME PER COMMON SHARE

   
Year ended December 31,
 
   
2016
   
2015
   
2014
 
   
(thousands of dollars)
 
                   
Net income
 
$
19,428
   
$
18,598
   
$
15,571
 
                         
Basic earnings per common share:
                       
    Weighted average shares outstanding
   
24,284
     
24,370
     
24,188
 
                         
    Per share amount (dollars)
 
$
0.80
   
$
0.76
   
$
0.64
 
Diluted earnings per common share:
                       
    Weighted average shares outstanding
   
24,982
     
25,181
     
24,896
 
                         
    Per share amount (dollars)
 
$
0.78
   
$
0.74
   
$
0.63
 

Weighted average shares-denominator basic computation
   
24,284
     
24,370
     
24,188
 
Unvested restricted stock grant
   
310
     
141
     
-
 
Effect of dilutive stock options
   
388
     
670
     
708
 
Weighted average shares, as adjusted denominator diluted computation
   
24,982
     
25,181
     
24,896
 

At December 31, 2016, 2015, and 2014, 1,348,437, 1,376,437 and 1,598,191 potential common stock shares, respectively, were issuable upon the exercise of options and warrants.

The earnings per share calculations for the periods ended December 31, 2016, 2015, and 2014, include 284,011, 300,000 and 300,000 shares held in the treasury.