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Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2015
Accounting Policies [Abstract]  
Earnings Per Share

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      Nine Months Ended  
     September 30      September 30  
     2015      2014      2015      2014  
     (Unaudited)      (Unaudited)      (Unaudited)      (Unaudited)  

Basic earnings per share

            

Net income

    $ 4,288       $ 4,958       $ 14,374       $ 13,153   

Less: Preferred stock dividends

      31         40         94         102   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income available to common shareholders

    $ 4,257       $ 4,918       $ 14,280       $ 13,051   

Weighted average common shares outstanding

      11,605,976         9,208,707         10,029,419         9,009,663   

Basic earnings per share

    $ 0.37       $ 0.53       $ 1.42       $ 1.45   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted earnings per share

            

Net income available to common shareholders

    $ 4,257       $ 4,918       $ 14,280       $ 13,051   

Weighted average common shares outstanding

      11,605,976         9,208,707         10,029,419         9,009,663   

Effect of dilutive securities:

            

Warrants

      214,592         309,790         290,669         308,647   

Restricted stock

      33,471         36,387         30,728         37,127   

Stock options

      39,215         33,448         36,297         33,922   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted average shares outstanding

      11,893,254         9,588,332         10,387,113         9,389,359   

Diluted earnings per share

    $ 0.36       $ 0.51       $ 1.37       $ 1.39   
  

 

 

     

 

 

     

 

 

     

 

 

  

There were 2,500 shares for both the three and nine months ended September 30, 2015, respectively, and 46,766 shares for both the three and nine months ended September 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.