Three months

Nine months

Periods ended September 30, (in thousands)

2014

2013

2014

2013

Net income

$

768

$

1,016

$

2,285

$

3,103

Less: Preferred stock dividends declared

(40

)

(40

)

(126

)

(121

)

Net income available to common shareholders

728

976

2,159

2,982

Less: Undistributed earnings allocated to participating securities

(8

)

(11

)

(26

)

(31

)

Net income allocated to common stock

$

720

$

965

$

2,133

$

2,951

Common shares issued

1,713

1,710

1,713

1,707

Less: Unvested restricted stock awards

(20

)

(19

)

(21

)

(17

)

Common shares outstanding used to calculate basic earnings per common share

1,693

1,691

1,692

1,690

Add: Dilutive effect of unvested restricted stock awards

—

Common shares outstanding used to calculate diluted earnings per common share

1,693

1,691

1,692

1,690

Earnings per common share (basic and diluted)

$

0.43

$

0.57

$

1.26

$

1.75