EARNINGS PER SHARE

Basic earnings per common share data is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Common shares outstanding include common stock and restricted stock awards where recipients have satisfied the vesting terms. Diluted earnings per common share gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and the if-converted method for convertible trust preferred securities.

The following table presents a summary of per common share data and amounts for the periods indicated.



	Three months ended June 30,				Six months ended June 30,
(in thousands, except per share data)	2014		2013		2014		2013
Net income as reported	$	7,160	$	11,033	$	13,008	$	21,073

Impact of assumed conversions
Interest on 9% convertible trust preferred securities, net of income tax	—		354		66		709
Net income available to common shareholders and assumed conversions	$	7,160	$	11,387	$	13,074	$	21,782

Weighted average common shares outstanding	19,824		18,119		19,673		18,052
Incremental shares from assumed conversions of convertible trust preferred securities	—		1,439		115		1,439
Additional dilutive common stock equivalents	139		153		168		115
Weighted average diluted common shares outstanding	19,963		19,711		19,956		19,606

Basic earnings per common share:	$	0.36	$	0.61	$	0.66	$	1.17
Diluted earnings per common share:	$	0.36	$	0.58	$	0.66	$	1.11

For the three months ended June 30, 2014 and 2013, the amount of common stock equivalents that were excluded from the earnings per share calculations because their effect was anti-dilutive was 289,469, and 551,667 common stock equivalents, respectively. For the six months ended June 30, 2014 and 2013, the amount of common stock equivalents that were excluded from the earnings per share calculations because their effect was anti-dilutive was 286,469, and 547,356 common stock equivalents (including 14,324 common stock warrants), respectively.