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Earnings Per Share
 9 Months Ended
Sep. 30, 2014
Earnings Per Share [Abstract]  
Earnings Per Share
EARNINGS PER SHARE

Basic earnings per common share data is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Common shares outstanding include common stock and restricted stock awards where recipients have satisfied the vesting terms. Diluted earnings per common share gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and the if-converted method for convertible trust preferred securities.

The following table presents a summary of per common share data and amounts for the periods indicated.

 
Three months ended September 30,
 
Nine months ended September 30,
(in thousands, except per share data)
2014
 
2013
 
2014
 
2013
Net income as reported
$
8,198

 
$
8,410

 
$
21,206

 
$
29,483

 
 
 
 
 
 
 
 
Impact of assumed conversions
 
 
 
 
 
 
 
Interest on 9% convertible trust preferred securities, net of income tax
—

 
217

 
66

 
926

Net income available to common shareholders and assumed conversions
$
8,198

 
$
8,627

 
$
21,272

 
$
30,409

 
 
 
 
 
 
 
 
Weighted average common shares outstanding
19,838

 
18,779

 
19,729

 
18,288

Incremental shares from assumed conversions of convertible trust preferred securities
—

 
851

 
76

 
1,241

Additional dilutive common stock equivalents
142

 
200

 
165

 
153

Weighted average diluted common shares outstanding
19,980

 
19,830

 
19,970

 
19,682

 
 
 
 
 
 
 
 
Basic earnings per common share:
$
0.41

 
$
0.45

 
$
1.07

 
$
1.61

Diluted earnings per common share:
$
0.41

 
$
0.44

 
$
1.07

 
$
1.55



For the three months ended September 30, 2014 and 2013, the amount of common stock equivalents excluded from the earnings per share calculations because their effect was anti-dilutive was 289,286, and 474,267 common stock equivalents, respectively. For the nine months ended September 30, 2014 and 2013, the amount of common stock equivalents excluded from the earnings per share calculations because their effect was anti-dilutive was 289,407, and 488,318 common stock equivalents (including 9,497 common stock warrants), respectively.