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 September 30,				Nine months ended September 30,
(in thousands, except per share data)	2014		2013		2014		2013
Net income as reported	$	8,198	$	8,410	$	21,206	$	29,483

Impact of assumed conversions
Interest on 9% convertible trust preferred securities, net of income tax	—		217		66		926
Net income available to common shareholders and assumed conversions	$	8,198	$	8,627	$	21,272	$	30,409

Weighted average common shares outstanding	19,838		18,779		19,729		18,288
Incremental shares from assumed conversions of convertible trust preferred securities	—		851		76		1,241
Additional dilutive common stock equivalents	142		200		165		153
Weighted average diluted common shares outstanding	19,980		19,830		19,970		19,682

Basic earnings per common share:	$	0.41	$	0.45	$	1.07	$	1.61
Diluted earnings per common share:	$	0.41	$	0.44	$	1.07	$	1.55

For the three months ended September 30, 2014 and 2013, the amount of common stock equivalents excluded from the earnings per share calculations because their effect was anti-dilutive was 289,286, and 474,267 common stock equivalents, respectively. For the nine months ended September 30, 2014 and 2013, the amount of common stock equivalents excluded from the earnings per share calculations because their effect was anti-dilutive was 289,407, and 488,318 common stock equivalents (including 9,497 common stock warrants), respectively.