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Earnings Per Share | 12 Months Ended
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Dec. 31, 2014
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share The following table provides detail for basic earnings per share (EPS) and diluted earnings per share for the years ended December 31, 2014, 2013 and 2012:
| Income (Numerator) |  | Shares (Denominator) |  | Per-Share Amount
For the year ended December 31, 2014 |  |  |  |  |
Net income as reported | $ | 14,709,000 |  |  |  |  |
Less dividends and amortization of premium on preferred stock | — |  |  |  |  |
Basic EPS: Income available to common shareholders | 14,709,000 |  |  | 10,638,527 |  |  | $ | 1.38 |
Effect of dilutive securities: warrants and restricted stock |  |  | 72,337 |  |  |
Diluted EPS: Income available to common shareholders plus assumed conversions | $ | 14,709,000 |  |  | 10,710,864 |  |  | $ | 1.37 |
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 |
All earnings per share calculations have been made using the weighted average number of shares outstanding during the period. The dilutive securities are incentive stock options granted to certain key members of Management and warrants granted to the U.S. Treasury under the Capital Purchase Program. The dilutive number of shares has been calculated using the treasury method, assuming that all granted options and warrants were exercisable at the end of each period. The following table presents the number of options and warrants outstanding as of December 31, 2014, 2013 and 2012 and the amount which are above or below the strike price:
| Outstanding | In-the-Money | Out-of-the-Money
As of December 31, 2014 |  |  |
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, 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 |

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