Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2014

Basic and diluted earnings per share (EPS)

The following table sets forth the computation of basic and diluted earnings per share (EPS) for the nine months ended September 30, 2014 and 2013:



	Income (Numerator)		Shares (Denominator)	Per-Share Amount
For the nine months ended September 30, 2014
Net income as reported	$	11,283,000
Less dividends and amortization of premium on preferred stock	—
Basic EPS: Income available to common shareholders	11,283,000		10,634,945	$	1.06
Effect of dilutive securities: restricted stock			68,803
Diluted EPS: Income available to common shareholders plus assumed conversions	$	11,283,000	10,703,748	$	1.05
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

The following table sets forth the computation of basic and diluted EPS for the quarters ended September 30, 2014 and 2013.



	Income (Numerator)		Shares (Denominator)	Per-Share Amount
For the quarter ended September 30, 2014
Net income as reported	$	4,108,000
Less dividends and amortization of premium on preferred stock	—
Basic EPS: Income available to common shareholders	4,108,000		10,642,382	$	0.39
Effect of dilutive securities: restricted stock			74,439
Diluted EPS: Income available to common shareholders plus assumed conversions	$	4,108,000	10,716,821	$	0.38
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

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 September 30, 2014 and 2013 and the amount for which the average market price for the respective three- and nine-month periods was above or below the strike price:



	Outstanding	In-the-Money	Out-of-the-Money
For the three and nine months ended September 30, 2014
Incentive stock options	42,000	—	42,000
Warrants issued to Treasury	225,904	—	225,904
Total dilutive securities	267,904	—	267,904
For the three and nine months ended 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