Earnings per Common Share (Tables)

3 Months Ended

Mar. 31, 2015

Computation of Basic and Diluted 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