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Earnings Per Share | 9 Months Ended
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Sep. 30, 2015
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, 2015 and 2014:
| Income (Numerator) |  | Shares (Denominator) |  | Per-Share Amount
For the nine months ended September 30, 2015 |  |  |  |  |
Net income as reported | $ | 12,437,000 |  |  |  |  |
Basic EPS: Income available to common shareholders | 12,437,000 |  |  | 10,671,573 |  |  | $ | 1.17 |
Effect of dilutive securities: restricted stock and warrants |  |  | 80,706 |  |  |
Diluted EPS: Income available to common shareholders plus assumed conversions | $ | 12,437,000 |  |  | 10,752,279 |  |  | $ | 1.16 |
For the nine months ended September 30, 2014 |  |  |  |  |
Net income as reported | $ | 11,283,000 |  |  |  |  |
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 |
The following table sets forth the computation of basic and diluted EPS for the quarters ended September 30, 2015 and 2014.
| Income (Numerator) |  | Shares (Denominator) |  | Per-Share Amount
For the quarter ended September 30, 2015 |  |  |  |  |
Net income as reported | $ | 4,188,000 |  |  |  |  |
Basic EPS: Income available to common shareholders | 4,188,000 |  |  | 10,677,922 |  |  | $ | 0.39 |
Effect of dilutive securities: restricted stock and warrants |  |  | 95,278 |  |  |
Diluted EPS: Income available to common shareholders plus assumed conversions | $ | 4,188,000 |  |  | 10,773,200 |  |  | $ | 0.39 |
For the quarter ended September 30, 2014 |  |  |  |  |
Net income as reported | $ | 4,108,000 |  |  |  |  |
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 |
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, 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 nine months ended September 30, 2015 |  |  |
Incentive stock options | — |  | — |  | — |
Warrants to private parties | 226,819 |  | 226,819 |  | — |
Total dilutive securities | 226,819 |  | 226,819 |  | — |
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 |

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