Earnings Per Share

12 Months Ended

Dec. 31, 2015

Earnings per share of common stock is calculated on both a basic and diluted basis based on the weighted average number of common and common equivalent shares outstanding, excluding common shares in treasury. Basic earnings per share excludes dilution and is computed by dividing income available to stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted from the issuance of common stock that then would share in earnings.

A reconciliation of the numerators and denominators used in basic and diluted earnings per share computations is presented in the table below.



	Income/(Loss) (numerator)		Shares (denominator)	Per Share Amount
	(dollars in thousands, except share data)
For the year ended December 31, 2015:
Net income applicable to earnings per share	$	25,515
Basic earnings per share: Income available to common stockholders	25,515		21,156,668	$	1.21
Effect of dilutive securities: Warrants and stock option plans	—		332,030
Diluted earnings per share: Income available to common stockholders	$	25,515	21,488,698	$	1.19
For the year ended December 31, 2014:
Net income applicable to earnings per share	$	16,616
Basic earnings per share: Income available to common stockholders	16,616		17,046,660	$	0.97
Effect of dilutive securities: Warrants and stock option plans	—		297,317
Diluted earnings per share: Income available to common stockholders	$	16,616	17,343,977	$	0.96
For the year ended December 31, 2013:
Net income applicable to earnings per share	$	8,993
Basic earnings per share: Income available to common stockholders	8,993		15,798,885	$	0.57
Effect of dilutive securities: Warrants and stock option plans	—		811,069
Diluted earnings per share: Income available to common stockholders	$	8,993	16,609,954	$	0.54