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Earnings Per Share | 6 Months Ended
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Jun. 30, 2016
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 six months ended June 30, 2016 and 2015:
| Income (Numerator) |  | Shares (Denominator) |  | Per-Share Amount
For the six months ended June 30, 2016 |  |  |  |  |
Net income as reported | $ | 9,127,000 |  |  |  |  |
Basic EPS: Income available to common shareholders | 9,127,000 |  |  | 10,710,483 |  |  | $ | 0.85 |
Effect of dilutive securities: restricted stock and warrants |  |  | 101,306 |  |  |
Diluted EPS: Income available to common shareholders plus assumed conversions | $ | 9,127,000 |  |  | 10,811,789 |  |  | $ | 0.84 |
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 and warrants |  |  | 72,416 |  |  |
Diluted EPS: Income available to common shareholders plus assumed conversions | $ | 8,249,000 |  |  | 10,740,761 |  |  | $ | 0.77 |
The following table sets forth the computation of basic and diluted EPS for the quarters ended June 30, 2016 and 2015.
| Income (Numerator) |  | Shares (Denominator) |  | Per-Share Amount
For the quarter ended June 30, 2016 |  |  |  |  |
Net income as reported | $ | 4,624,000 |  |  |  |  |
Basic EPS: Income available to common shareholders | 4,624,000 |  |  | 10,712,418 |  |  | $ | 0.43 |
Effect of dilutive securities: restricted stock and warrants |  |  | 106,289 |  |  |
Diluted EPS: Income available to common shareholders plus assumed conversions | $ | 4,624,000 |  |  | 10,818,707 |  |  | $ | 0.43 |
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 and warrants |  |  | 77,263 |  |  |
Diluted EPS: Income available to common shareholders plus assumed conversions | $ | 4,074,000 |  |  | 10,748,859 |  |  | $ | 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 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 warrants were exercisable at the end of each period. 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 warrants outstanding as of June 30, 2016 and 2015 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, 2016 |  |  |
Warrants to private parties | 226,819 |  | 226,819 |  | — |
Total | 226,819 |  | 226,819 |  | — |
For the three and six months ended June 30, 2015 |  |  |
Warrants issued to Treasury | 226,819 |  | 226,819 |  | — |
Total | 226,819 |  | 226,819 |  | — |

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