Net income

$

4,532

4,070

7,372

12,921

Less allocation of earnings and dividends to participating securities

28

29

46

92

Net income allocated to common shareholders

$

4,504

4,041

7,326

12,829

Weighted average common shares outstanding, gross

14,187,951

11,117,737

13,846,175

11,173,810

Less average participating securities

84,593

79,017

84,593

79,625

Adjusted weighted average number of shares outstanding used in the calculation of basic and diluted earnings per common share

14,103,358

11,038,720

13,761,582

11,094,185

Earnings per common share:

Basic

$

0.31

0.37

0.53

1.16

Diluted

0.31

0.37

0.53

1.16