General (Tables)

9 Months Ended

Sep. 30, 2013

Calculation for Basic and Diluted Earnings per Common Share

The calculation for basic and diluted earnings per common share follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2013		2012		2013		2012
(Amounts in thousands, except share and per share data)
Net income	$	5,412	$	10,059	$	17,988	$	20,138
Dividends on preferred stock		261		220		772		786

Net income available to common shareholders	$	5,151	$	9,839	$	17,216	$	19,352
Weighted average common shares outstanding, basic		20,008,861		20,013,264		20,013,095		18,812,516
Diluted shares for stock options and restricted stock		35,850		19,138		31,671		7,384
Weighted average convertible preferred shares		1,091,462		1,301,049		1,158,715		1,304,038

Weighted average common shares outstanding, diluted		21,136,173		21,333,451		21,203,481		20,123,938

Basic earnings per common share	$	0.26	$	0.49	$	0.86	$	1.03
Diluted earnings per common share	$	0.26	$	0.47	$	0.85	$	1.00

Options to Purchase Company's Common Stock

The following outstanding options to purchase Common Stock were excluded from the calculation of diluted earnings per share because the exercise price was greater than the market value of the Common Stock, which would result in an antidilutive effect on diluted earnings per share:

Three Months Ended

Nine Months Ended

September 30,

2013

2012

2013

2012

Stock options

339,008

338,536

339,008

450,966