Earnings per Common Share (Tables)

9 Months Ended

Sep. 30, 2015

Computation of Basic and Diluted Earnings per Common Share

Basic earnings per share are computed as 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 the equity incentive plan, computed using the treasury stock method, and the impact of the Company’s convertible preferred stock using the “if converted” method.


	Three months ended September 30,				Nine months ended September 30,
	2015		2014		2015		2014
Basic
Net income	$	3,253	$	2,306	$	9,546	$	7,257
Preferred stock dividends		391		406		1,186		1,467

Net income available to common shareholders - basic	$	2,862	$	1,900	$	8,360	$	5,790

Weighted average common shares outstanding - basic		7,843,578		7,707,917		7,815,222		7,707,917

Basic earnings per common share	$	0.36	$	0.25	$	1.07	$	0.75

Diluted
Net income available to common shareholders - basic	$	2,862	$	1,900	$	8,360	$	5,790
Preferred stock dividends on convertible preferred stock		391		406		1,186		1,201

Net income available to common shareholders - diluted	$	3,253	$	2,306	$	9,546	$	6,991

Weighted average common shares outstanding for basic earnings per common share basic		7,843,578		7,707,917		7,815,222		7,707,917
Add: Dilutive effects of convertible preferred shares		3,078,245		3,196,931		3,101,937		3,196,931

Average shares and dilutive potential common shares outstanding - diluted		10,921,823		10,904,848		10,917,159		10,904,848

Diluted earnings per common share	$	0.30	$	0.21	$	0.87	$	0.64