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Earnings Per Share | 9 Months Ended
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Sep. 30, 2013
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (EPS) for the nine months ended September 30, 2013 and 2012:
| Income (Numerator) |  | Shares (Denominator) |  | Per-Share Amount
For the nine months ended September 30, 2013 |  |  |  |  |
Net income as reported | $ | 9,463,000 |  |  |  |  |
Less dividends and amortization of premium on preferred stock | 385,000 |  |  |  |  |
Basic EPS: Income available to common shareholders | 9,078,000 |  |  | 10,417,675 |  |  | $ | 0.87 |
Effect of dilutive securities: warrants and restricted stock |  |  | 50,261 |  |  |
Diluted EPS: Income available to common shareholders plus assumed conversions | $ | 9,078,000 |  |  | 10,467,936 |  |  | $ | 0.87 |
For the nine months ended September 30, 2012 |  |  |  |  |
Net income as reported | $ | 9,459,000 |  |  |  |  |
Less dividends and amortization of premium on preferred stock | 543,000 |  |  |  |  |
Basic EPS: Income available to common shareholders | 8,916,000 |  |  | 9,825,719 |  |  | $ | 0.91 |
Effect of dilutive securities: restricted stock |  |  | 16,894 |  |  |
Diluted EPS: Income available to common shareholders plus assumed conversions | $ | 8,916,000 |  |  | 9,842,613 |  |  | $ | 0.91 |
The following table sets forth the computation of basic and diluted EPS for the quarters ended September 30, 2013 and 2012.
| Income (Numerator) |  | Shares (Denominator) |  | Per-Share Amount
For the quarter ended September 30, 2013 |  |  |  |  |
Net income as reported | $ | 3,365,000 |  |  |  |  |
Less dividends and amortization of premium on preferred stock | 40,000 |  |  |  |  |
Basic EPS: Income available to common shareholders | 3,325,000 |  |  | 10,616,340 |  |  | $ | 0.31 |
Effect of dilutive securities: warrants and restricted stock |  |  | 54,848 |  |  |
Diluted EPS: Income available to common shareholders plus assumed conversions | $ | 3,325,000 |  |  | 10,671,188 |  |  | $ | 0.31 |
For the quarter ended September 30, 2012 |  |  |  |  |
Net income as reported | $ | 3,223,000 |  |  |  |  |
Less dividends and amortization of premium on preferred stock | 181,000 |  |  |  |  |
Basic EPS: Income available to common shareholders | 3,042,000 |  |  | 9,824,568 |  |  | $ | 0.31 |
Effect of dilutive securities: restricted stock |  |  | 22,814 |  |  |
Diluted EPS: Income available to common shareholders plus assumed conversions | $ | 3,042,000 |  |  | 9,847,382 |  |  | $ | 0.31 |
All earnings per share calculations have been made using the weighted average number of shares outstanding during the period. The potentially dilutive securities are incentive stock options, unvested shares of restricted stock granted to certain key members of Management and the warrants. The number of dilutive shares is calculated using the treasury method, assuming that all options and warrants were exercisable at the end of each period. Options and warrants that are out-of-the-money are not considered in the calculation of dilutive earnings per share as the effect would be anti-dilutive. The following table presents the number of options and warrants outstanding as of September 30, 2013 and 2012 and the amount for which the market price at period end is above or below the strike price:
| Outstanding | In-the-Money | Out-of-the-Money
As of September 30, 2013 |  |  |
Incentive stock options | 42,000 |  | — |  | 42,000 |
Warrants issued to Treasury | 225,904 |  | 225,904 |  | — |
Total dilutive securities | 267,904 |  | 225,904 |  | 42,000 |
As of September 30, 2012 |  |  |
Incentive stock options | 42,000 |  | — |  | 42,000 |
Warrants issued to Treasury | 225,904 |  | — |  | 225,904 |
Total dilutive securities | 267,904 |  | — |  | 267,904 |

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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 Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: 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=6880815&loc=d3e20235-122688 Reference 4: 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 5: 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=16381557&loc=d3e4984-109258 Reference 6: 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 + Details
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