Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2015

Basic earnings per share is computed by dividing net income available to common shareholders (net income less dividend requirements for preferred stock and accretion of preferred stock discount) by the weighted-average number of common shares outstanding. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The following table shows computation of basic and diluted earnings per share.


	Three Months Ended June 30				Six Months Ended June 30
	2015		2014		2015		2014
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Basic earnings per share
Net income	$	4,728	$	4,778	$	10,086	$	8,195
Less: Preferred stock dividends		31		32		63		63

Net income available to common shareholders	$	4,697	$	4,746	$	10,023	$	8,132

Weighted average common shares outstanding		9,240,005		9,182,986		9,228,075		8,908,492

Basic earnings per share	$	0.51	$	0.52	$	1.09	$	0.91


Diluted earnings per share
Net income available to common shareholders	$	4,697	$	4,746	$	10,023	$	8,132

Weighted average common shares outstanding		9,240,005		9,182,986		9,228,075		8,908,492
Effect of dilutive securities:
Warrants		324,698		303,399		323,198		308,060
Restricted stock		34,892		38,003		30,816		38,717
Stock options		37,991		36,551		33,462		38,154

Weighted average shares outstanding		9,637,586		9,560,939		9,615,551		9,293,423

Diluted earnings per share	$	0.49	$	0.50	$	1.04	$	0.88

There were 2,500 and 41,444 shares for the three and six months ended June 30, 2015, respectively, and 45,766 shares for both the three and six months ended June 30, 2014 which were not included in the computation of diluted earnings per share because they were non-dilutive.

Reclassifications

Reclassifications

Certain reclassifications have been made to the 2014 condensed consolidated financial statements to be comparable to 2015. These reclassifications had no effect on net income.