Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2013

Basic and diluted earnings per share (EPS)

The following table provides detail for basic earnings per share (EPS) and diluted earnings per share for the years ended December 31, 2013, 2012 and 2011:



	Income (Numerator)		Shares (Denominator)	Per-Share Amount
For the year ended December 31, 2013
Net income as reported	$	12,965,000
Less dividends and amortization of premium on preferred stock	384,000
Basic EPS: Income available to common shareholders	12,581,000		10,469,446	$	1.20
Effect of dilutive securities: warrants and restricted stock			51,609
Diluted EPS: Income available to common shareholders plus assumed conversions	$	12,581,000	10,521,055	$	1.20
For the year ended December 31, 2012
Net income as reported	$	12,688,000
Less dividends and amortization of premium on preferred stock	723,000
Basic EPS: Income available to common shareholders	11,965,000		9,828,925	$	1.22
Effect of dilutive securities: restricted stock			17,606
Diluted EPS: Income available to common shareholders plus assumed conversions	$	11,965,000	9,846,531	$	1.22
For the year ended December 31, 2011
Net income as reported	$	12,364,000
Less dividends and amortization of premium on preferred stock	1,208,000
Basic EPS: Income available to common shareholders	11,156,000		9,788,610	$	1.14
Effect of dilutive securities: incentive stock options and restricted stock			9,619
Diluted EPS: Income available to common shareholders plus assumed conversions	$	11,156,000	9,798,229	$	1.14

Number of options and warrants outstanding and amount above or below the strike price

The following table presents the number of options and warrants outstanding as of December 31, 2013, 2012 and 2011 and the amount which are above or below the strike price:



	Outstanding	In-the-Money	Out-of-the-Money
As of December 31, 2013
Incentive stock options	42,000	—	42,000
Warrants issued to U.S. Treasury	225,904	225,904	—
Total dilutive securities	267,904	225,904	42,000
As of December 31, 2012
Incentive stock options	42,000	—	42,000
Warrants issued to U.S. Treasury	225,904	—	225,904
Total dilutive securities	267,904	—	267,904
As of December 31, 2011
Incentive stock options	51,000	9,000	42,000
Warrants issued to U.S. Treasury	225,904	—	225,904
Total dilutive securities	276,904	9,000	267,904