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Earnings per Common Share | 3 Months Ended
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Mar. 31, 2015
Earnings Per Share [Abstract] |
Earnings per Common Share | (9) Earnings per Common Share Basic earnings per share are net income available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share include the dilutive effect, if any, of additional potential common shares issuable under stock options, computed using the treasury stock method and the impact of the Company’s convertible preferred stock using the “if converted” method.
|  | Three months ended March 31, |
|  | 2015 |  |  | 2014 |
Basic |  |  |  |  |  |  |  |
Net income |  | $ | 3,171 |  |  | $ | 2,712 |
Preferred stock dividends |  |  | 404 |  |  |  | 655 |
Net income available to common shareholders - basic |  | $ | 2,767 |  |  | $ | 2,057 |
Weighted average common shares outstanding - basic |  |  | 7,756,168 |  |  |  | 7,707,917 |
Basic earnings per common share |  | $ | 0.36 |  |  | $ | 0.27 |
Diluted |  |  |  |  |  |  |  |
Net income available to common shareholders - basic |  | $ | 2,767 |  |  | $ | 2,057 |
Preferred stock dividends on convertible preferred stock |  |  | 404 |  |  |  | 388 |
Net income available to common shareholders - diluted |  | $ | 3,171 |  |  | $ | 2,445 |
Weighted average common shares outstanding for earnings per common share basic |  |  | 7,756,168 |  |  |  | 7,707,917 |
Add: Dilutive effects of convertible preferred stock |  |  | 3,148,676 |  |  |  | 3,196,931 |
Add: Dilutive effects of unearned restricted stock |  |  | — |  |  |  | — |
Add: Dilutive effects of assumed exercises of stock options |  |  | — |  |  |  | — |
Average shares and dilutive potential common shares outstanding - diluted |  |  | 10,904,844 |  |  |  | 10,904,848 |
Diluted earnings per common share |  | $ | 0.29 |  |  | $ | 0.22 |
At March 31, 2015, there were 16,983 shares of unvested restricted stock outstanding at a price of $10.82 per share that were not included in the computation of diluted earnings per share because they were anti-dilutive. At March 31, 2014, there was no non-vested restricted stock outstanding. There were no stock options outstanding during the three-month period ended March 31, 2015 and 2014. For the three-month period ended March 31, 2015 there were 3,148,676 dilutive shares related to the Company’s convertible preferred stock. For the three-month period ended March 31, 2014 there were 3,196,931 dilutive shares related to the Company’s convertible preferred stock. Under the “if converted” method, all convertible preferred shares are assumed to be converted into common shares at the corresponding conversion rate. These additional shares are then added to the common shares outstanding to calculate diluted earnings per share.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=32703322&loc=d3e4984-109258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 + Details
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