Earnings Per Common Share

12 Months Ended

Dec. 31, 2015

Earnings Per Common Share [Abstract]

2.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, 2015 or December 31, 2014.

The following table sets forth the calculation of basic and diluted earnings per common share for the years ended December 31, 2015 and 2014:




	2015					2014
			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	$	10,876				$	5,597
Preferred stock dividends paid		(2,700)					(2,595)
Discount accretion on preferred stock		0					(6)
Net income available to common shareholders	$	8,176	6,249	$	1.31	$	2,996	6,222	$	0.48