Earnings Per Common Share

3 Months Ended

Mar. 31, 2014

Earnings Per Common Share [Abstract]

Earnings Per Common Share

NOTE 7 – Earnings Per Common Share

The following schedule reconciles the numerators and denominators of the basic and diluted earnings per share computations for the three month periods ended March 31, 2014 and 2013.  Dilutive common shares arise from the potentially dilutive effect of the Company’s stock options that were outstanding at March 31, 2014.  The assumed conversion of stock options can create a difference between basic and dilutive net income per common share.  At March 31, 2014 and 2013, 114,124 and 74,802 options, respectively, were anti-dilutive in the calculation of earnings per share as their exercise price exceeded the fair market value.  

		Three months ended March 31,
(dollars in thousands, except share data)	2014		2013
Numerator:
Net income	$1,250		961
Less:    Preferred stock dividend	193		197
Add:     Redemption of preferred stock	-		20
Net income available to common shareholders	$1,057		784
Denominator:
Weighted-average common shares outstanding – basic	4,610,089		4,262,330
Common stock equivalents	267,359		108,994
Weighted-average common shares outstanding – diluted	4,877,448		4,371,324
Earnings per common share:
Basic	$0.23		0.18
Diluted	$0.22		0.18