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Earnings per Common Share
 3 Months Ended
Mar. 31, 2013
Earnings per Common Share [Abstract]  
Earnings per Common Share

Note 2.  Earnings per Common Share                        

 

Basic earnings per common share ("EPS") is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding. Diluted EPS includes any additional common shares as if all potentially dilutive common shares were issued (e.g., stock options). The Corporation's weighted average common shares outstanding for diluted EPS include the effect of stock options and warrants outstanding using the Treasury Stock Method, which are not included in the calculation of basic EPS. Anti-dilutive stock option shares outstanding were 31,604 and 79,343, respectively, for the three months ended March 31, 2013 and March 31, 2012.

 

Earnings per common share have been computed based on the following:

 

 

 

 

 

 

Three Months Ended

March 31,

 

(in thousands, except per share amounts)

 

 

 

 

 

 

 

2013

 

 

2012

 

Net income

 

 

 

 

 

 

 

 

 

$

4,924

 

 

$

4,231

 

Preferred stock dividends

 

 

 

 

 

 

 

 

 

 

(56

) 

 

 

(141

)

Net income available to common shareholders

 

 

 

 

 

 

 

 

 

$

4,868

 

 

$

4,090

 

Basic weighted average common shares outstanding

 

 

 

 

 

 

 

 

 

 

16,348

 

 

 

16,332

 

Plus: effect of dilutive options

 

 

 

 

 

 

 

 

 

 

 

26

 

 

 

6

 

Diluted weighted average common shares outstanding

 

 

 

 

 

 

 

 

 

 

16,374

 

 

 

16,338

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

 

 

 

 

 

$

0.30

 

 

$

0.25

 

Diluted

 

 

 

 

 

 

 

 

 

$

0.30

 

 

$

0.25