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Earnings Per Share | 9 Months Ended
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Sep. 30, 2016
Earnings Per Share [Abstract] |
Earnings Per Share [Text Block] | Earnings Per Share Basic net income per common share available to common stockholders is calculated as net income less preferred stock dividends divided by the weighted average number of common shares outstanding. Diluted net income per common share available to common stockholders is computed using the weighted average number of common shares outstanding, increased by the assumed conversion of the Company’s convertible preferred stock and the Company’s stock options, unless anti-dilutive. The components of basic and diluted net income per common share available to common stockholders for the three and nine-month period ended September 30, 2016 and 2015 were as follows:
| Three months ended September 30, |  | Nine months ended September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Basic Net Income per Common Share |  |  |  |  |  |  |
Available to Common Stockholders: |  |  |  |  |  |  |
Net income | $ | 5,308,000 |  |  | $ | 3,663,000 |  |  | $ | 15,043,000 |  |  | $ | 11,858,000 |
Preferred stock dividends | — |  |  | (550,000 | ) |  | (825,000 | ) |  | (1,650,000 | )
Net income available to common stockholders | $ | 5,308,000 |  |  | $ | 3,113,000 |  |  | $ | 14,218,000 |  |  | $ | 10,208,000 |
Weighted average common shares outstanding | 10,497,072 |  | 8,421,397 |  | 9,372,547 |  | 7,553,468
Basic earnings per common share | $ | 0.51 |  |  | $ | 0.37 |  |  | $ | 1.52 |  |  | $ | 1.35 |
Diluted Net Income per Common Share |  |  |  |  |  |  |
Available to Common Stockholders: |  |  |  |  |  |  |
Net income available to common stockholders | $ | 5,308,000 |  |  | $ | 3,113,000 |  |  | $ | 14,218,000 |  |  | $ | 10,208,000 |
Effect of assumed preferred stock conversion | — |  |  | 550,000 |  |  | 825,000 |  |  | 1,650,000 |
Net income applicable to diluted earnings per share | $ | 5,308,000 |  |  | $ | 3,663,000 |  |  | $ | 15,043,000 |  |  | $ | 11,858,000 |
Weighted average common shares outstanding | 10,497,072 |  |  | 8,421,397 |  |  | 9,372,547 |  |  | 7,553,468 |
Dilutive potential common shares: |  |  |  |  |  |  |
Assumed conversion of stock options | 1,742 |  |  | — |  |  | 1,945 |  |  | — |
Restricted stock awarded | 5,232 |  |  | 7,788 |  |  | 5,232 |  |  | 7,788 |
Assumed conversion of preferred stock | — |  |  | 1,355,348 |  |  | 677,674 |  |  | 1,355,348 |
Dilutive potential common shares | 6,974 |  |  | 1,363,136 |  |  | 684,851 |  |  | 1,363,136 |
Diluted weighted average common shares outstanding | 10,504,046 |  |  | 9,784,533 |  |  | 10,057,398 |  |  | 8,916,604 |
Diluted earnings per common share | $ | 0.51 |  |  | $ | 0.37 |  |  | $ | 1.50 |  |  | $ | 1.33 |
The following shares were not considered in computing diluted earnings per share for the three and nine-month periods ended September 30, 2016 and 2015 because they were anti-dilutive:
| Three months ended September 30, |  | Nine months ended September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Stock options to purchase shares of common stock | 24,500 |  |  | 45,500 |  |  | 24,500 |  |  | 45,500 |

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