pab bankshares, inc. - SNL Financial

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 16.
EARNINGS PER COMMON SHARE
The components used to calculate basic and diluted earnings (loss) per share for the years ended December 31, 2009, 2008
and 2007 follows.
2009 2008 2007
Basic earnings (loss) per share:
Net income (loss) $ (51,172,000) $ (5,911,265) $ 10,785,715
Weighted average common shares outstanding 10,708,466 9,335,376 9,602,535
Earnings (loss) per common share $ (4.78) $ (0.63) $ 1.12
Diluted earnings (loss) per share:
Net income (loss) $ (51,172,000) $ (5,911,265) $ 10,785,715
Weighted average common shares outstanding 10,708,466 9,335,376 9,602,535
Effect of dilutive stock options - - 141,528
Weighted average diluted common
shares outstanding 10,708,466 9,335,376 9,744,063
Earnings (loss) per common share $ (4.78) $ (0.63) $ 1.11
For the years ended December 31, 2009, 2008 and 2007, warrants and options to purchase 1,824,176, 621,961 and
184,404, respectively, were outstanding but not included in the computation of earnings per share because they were antidilutive.
NOTE 17.
EMPLOYEE AND DIRECTOR STOCK PURCHASE PROGRAM
On July 1, 2002, the Board of Directors established an Employee and Director Stock Purchase Program to enable the
Company and its participating subsidiaries to provide to their respective employees and directors a convenient means of
purchasing for long term investment, and not for short term speculative gain, common stock of the Company and thereby
promote interest in the Company’s continuing success, growth and development. The program allows for an employee or
director to purchase up to a maximum of $2,000 a year of the Company’s stock with the Company matching 50% of the
participant’s purchase. In order to be eligible, an employee must be full-time and have worked a full month. During the
years ended December 31, 2009, 2008 and 2007, the Company recorded $101,963, $134,671 and $144,329, respectively,
of expense associated with this program. The number of shares in the program at December 31, 2009 and 2008 was
214,151 and 134,810, respectively.
NOTE 18.
DIVIDEND REINVESTMENT AND COMMON STOCK PURCHASE PLAN
In 1993, the Board of Directors approved a dividend reinvestment and common stock purchase plan. The Board of
Directors amended the plan in 2007. The plan is designed to provide stockholders with a simple and convenient means to
reinvest cash dividends and make additional cash purchases of the Company’s common stock. The Company acquires
shares in the open market as needed to fill orders for dividend reinvestment and stock purchases under the plan rather than
issuing additional shares of common stock.
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