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Earnings Per Common Share (Policy)
3 Months Ended
Mar. 31, 2016
Earnings Per Common Share [Abstract]  
Earnings Per Common Share Policy

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 March 31, 2016 or March 31, 2015.



The following tables set forth the calculation of basic and diluted earnings per common share for the three-month periods ended March 31, 2016 and 2015:





 

 

 

 

 

 

 

 

 

 



Three months ended March 31,



2016

2015



 

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

$

1,871 

 

 

 

$

1,368 

 

 

 

Preferred stock dividends

 

(675)

 

 

 

 

(675)

 

 

 

Net income available to common shareholders

$

1,196  6,255 

$

0.19 

$

693  6,237 

$

0.11