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Earnings (Loss) Per Common Share
 12 Months Ended
Dec. 31, 2013
Earnings Per Common Share [Abstract]  
Earnings/(Loss) Per Common Share

1.

Earnings Per Common Share

Basic earnings per common share is derived by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period and does not include the effect of any potentially dilutive common stock equivalents.  Diluted earnings per share is derived by dividing net income available to common shareholders by the weighted-average number of shares outstanding, adjusted for the dilutive effect of outstanding common stock equivalents.  There were no common stock equivalents at December 31, 2013 or December 31, 2012. 

 

The following table sets forth the calculation of basic and diluted earnings per common share for the years ended December 31, 2013 and 2012:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the years ended December 31,

 

2013

2012

 

 

Average

Per Share

 

Average

Per Share

(in thousands, except for per share amount)

Income

Shares

Amount

Income

Shares

Amount

Basic and Diluted Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

Net income

$
6,446 

 

 

 

$
4,663 

 

 

 

Preferred stock dividends deferred

 
(1,709)

 

 

 

 
(1,626)

 

 

 

Discount accretion on preferred stock

 
(69)

 

 

 

 
(65)

 

 

 

Net income available to common shareholders

$
4,668 
6,207 

$
0.75 

$
2,972 
6,194 

$
0.48