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Earnings Per Share (Tables)
6 Months Ended
Jun. 30, 2015
Earnings Per Share [Abstract]  
Basic and diluted earnings per share (EPS)
The following table sets forth the computation of basic and diluted earnings per share (EPS) for the six months ended June 30, 2015 and 2014:
 
Income (Numerator)
 
Shares (Denominator)
 
Per-Share Amount
For the six months ended June 30, 2015
 
 
 
 
 
Net income as reported
$
8,249,000

 
 
 
 
Basic EPS: Income available to common shareholders
8,249,000

 
10,668,345

 
$
0.77

Effect of dilutive securities: restricted stock
 
 
72,416

 
 
Diluted EPS: Income available to common shareholders plus assumed conversions
$
8,249,000

 
10,740,761

 
$
0.77

For the six months ended June 30, 2014
 
 
 
 
 
Net income as reported
$
7,175,000

 
 
 
 
Basic EPS: Income available to common shareholders
7,175,000

 
10,631,165

 
$
0.67

Effect of dilutive securities: restricted stock
 
 
66,830

 
 
Diluted EPS: Income available to common shareholders plus assumed conversions
$
7,175,000

 
10,697,995

 
$
0.67


The following table sets forth the computation of basic and diluted EPS for the quarters ended June 30, 2015 and 2014.
 
Income (Numerator)
 
Shares (Denominator)
 
Per-Share Amount
For the quarter ended June 30, 2015
 
 
 
 
 
Net income as reported
$
4,074,000

 
 
 
 
Basic EPS: Income available to common shareholders
4,074,000

 
10,671,596

 
$
0.38

Effect of dilutive securities: restricted stock
 
 
77,263

 
 
Diluted EPS: Income available to common shareholders plus assumed conversions
$
4,074,000

 
10,748,859

 
$
0.38

For the quarter ended June 30, 2014
 
 
 
 
 
Net income as reported
$
3,747,000

 
 
 
 
Basic EPS: Income available to common shareholders
3,747,000

 
10,635,073

 
$
0.35

Effect of dilutive securities: restricted stock
 
 
72,684

 
 
Diluted EPS: Income available to common shareholders plus assumed conversions
$
3,747,000

 
10,707,757

 
$
0.35

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 June 30, 2015 and 2014 and the amount for which the average market price at period end is above or below the strike price:
 
Outstanding
In-the-Money
Out-of-the-Money
For the three and six months ended June 30, 2015
 
 
 
Incentive stock options



Warrants to private parties
226,819

226,819


Total dilutive securities
226,819

226,819


For the three and six months ended June 30, 2014
 
 
 
Incentive stock options
42,000


42,000

Warrants issued to Treasury
225,904


225,904

Total dilutive securities
267,904


267,904