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Earnings per Share | 6 Months Ended
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Jun. 30, 2016
Earnings per Share |
Note 15. | Earnings per Share
Basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes the dilutive effect of potential common stock that could be issued by the Company. Under the treasury stock method of accounting, potential common stock may be issued for stock options, non-vested restricted stock awards, performance based stock awards, and convertible preferred stock. Diluted earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding for the period plus the number of dilutive potential common shares. The calculation of diluted earnings per common share excludes potential common shares that have an exercise price greater than the average market value of the Company’s common stock because the effect would be antidilutive. The following table presents the calculation of basic and diluted earnings per common share for the periods indicated:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
(Amounts in thousands, except share and per share data) |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Net income |  | $ | 6,255 |  |  | $ | 6,175 |  |  | $ | 12,339 |  |  | $ | 12,133 |
Dividends on preferred stock |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 105 |
Net income available to common shareholders |  | $ | 6,255 |  |  | $ | 6,175 |  |  | $ | 12,339 |  |  | $ | 12,028 |
Weighted average common shares outstanding, basic |  |  | 17,414,320 |  |  |  | 18,831,907 |  |  |  | 17,636,783 |  |  |  | 18,733,288 |
Dilutive effect of potential common shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | 32,365 |  |  |  | 24,389 |  |  |  | 29,605 |  |  |  | 22,914 |
Restricted stock |  |  | 16,160 |  |  |  | 3,988 |  |  |  | 8,740 |  |  |  | 2,555 |
Convertible preferred stock |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 336,651 |
Total dilutive effect of potential common shares |  |  | 48,525 |  |  |  | 28,377 |  |  |  | 38,345 |  |  |  | 362,120 |
Weighted average common shares outstanding, diluted |  |  | 17,462,845 |  |  |  | 18,860,284 |  |  |  | 17,675,128 |  |  |  | 19,095,408 |
Basic earnings per common share |  | $ | 0.36 |  |  | $ | 0.33 |  |  | $ | 0.70 |  |  | $ | 0.64 |
Diluted earnings per common share |  |  | 0.36 |  |  |  | 0.33 |  |  |  | 0.70 |  |  |  | 0.64 |
Antidilutive potential common shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | 130,165 |  |  |  | 136,382 |  |  |  | 147,713 |  |  |  | 136,382 |
Total potential antidilutive shares |  |  | 130,165 |  |  |  | 136,382 |  |  |  | 147,713 |  |  |  | 136,382 |
During the first quarter of 2015, the Company redeemed all outstanding shares of its 6% Series A Noncumulative Convertible Preferred Stock (“Series A Preferred Stock”). Before redemption, holders converted 12,784 shares of Series A Preferred Stock with each share convertible into 69 shares of the Company’s common stock. The Company redeemed the remaining 2,367 shares for $2.37 million along with accrued and unpaid dividends of $9 thousand.

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