Earnings per Share

12 Months Ended

Dec. 31, 2016

Note 18.

Earnings per Share

The following table presents the calculation of basic and diluted earnings per common share for the periods indicated:


	Year Ended December 31,
(Amounts in thousands, except share and per share data)	2016		2015		2014
Net income	$	25,126	$	24,540	$	25,490
Dividends on preferred stock		—		105		910

Net income available to common shareholders	$	25,126	$	24,435	$	24,580

Weighted average common shares outstanding, basic		17,319,689		18,531,039		18,406,363
Dilutive effect of potential common shares
Stock options		34,530		26,487		18,607
Restricted stock		11,305		2,996		461
Convertible preferred stock		—		166,942		1,046,175
Contingently issuable shares		—		—		11,448

Total dilutive effect of potential common shares		45,835		196,425		1,076,691

Weighted average common shares outstanding, diluted		17,365,524		18,727,464		19,483,054

Basic earnings per common share	$	1.45	$	1.32	$	1.34
Diluted earnings per common share		1.45		1.31		1.31
Antidilutive potential common shares
Stock options		107,592		127,882		222,651
Restricted stock		3,279		—		—

Total potential antidilutive shares		110,871		127,882		222,651

The Company redeemed all outstanding shares of its 6% Series A Noncumulative Convertible Preferred Stock (“Series A Preferred Stock”) in 2015. 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.