| Computation of Basic and Diluted Earnings Per Share |
The following table sets forth the Company’s unaudited earnings per share calculations for the periods indicated:
|
|
Quarter Ended
September 30, 2014 |
|
|
Quarter Ended
September 30, 2013 |
|
|
(dollars in thousands, except per share amounts) |
Basic |
|
|
Diluted |
|
|
Basic |
|
|
Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
2,659 |
|
|
$ |
2,659 |
|
|
$ |
1,453 |
|
|
$ |
1,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic common shares outstanding |
|
7,735,350 |
|
|
|
7,735,350 |
|
|
|
7,414,527 |
|
|
|
7,414,527 |
|
|
Effect of contingent shares issuable |
|
|
|
|
|
64,000 |
|
|
|
|
|
|
|
- |
|
|
Effect of options and restricted stock |
|
|
|
|
|
441,074 |
|
|
|
|
|
|
|
341,948 |
|
|
Diluted common shares outstanding |
|
|
|
|
|
8,240,424 |
|
|
|
|
|
|
|
7,756,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
$ |
0.34 |
|
|
$ |
0.32 |
|
|
$ |
0.20 |
|
|
$ |
0.19 |
|
|
|
Nine Months Ended
September 30, 2014 |
|
|
Nine Months Ended
September 30, 2013 |
|
|
(dollars in thousands, except per share amounts) |
Basic |
|
|
Diluted |
|
|
Basic |
|
|
Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
5,388 |
|
|
$ |
5,388 |
|
|
$ |
4,363 |
|
|
$ |
4,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic common shares outstanding |
|
7,734,372 |
|
|
|
7,734,372 |
|
|
|
7,402,044 |
|
|
|
7,402,044 |
|
|
Effect of contingent shares issuable |
|
|
|
|
|
64,000 |
|
|
|
|
|
|
|
- |
|
|
Effect of options and restricted stock |
|
|
|
|
|
390,261 |
|
|
|
|
|
|
|
305,984 |
|
|
Diluted common shares outstanding |
|
|
|
|
|
8,188,633 |
|
|
|
|
|
|
|
7,708,028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
$ |
0.70 |
|
|
$ |
0.66 |
|
|
$ |
0.59 |
|
|
$ |
0.57 |
|
|