Earnings Per Common Share

12 Months Ended

Dec. 31, 2014

Earnings Per Common Share [Abstract]

Earnings Per Common Share

NOTE 12 – Earnings Per Common Share

The following schedule reconciles the numerators and denominators of the basic and diluted earnings per share computations for the years ended December 31, 2014, 2013 and 2012. Dilutive common shares arise from the potentially dilutive effect of the Company’s stock options and warrants that are outstanding. The assumed conversion of stock options and warrants can create a difference between basic and dilutive net income per common share.

At December 31, 2014, 2013 and 2012, 109,303, 34,624, and 74,802 options, respectively, were anti-dilutive in the calculation of earnings per share as their exercise price exceeded the fair market value. All earnings per share amounts have been restated to reflect the 10% stock dividends issued in January 2012 and 2013.

				December 31,
(dollars in thousands, except share data)		2014		2013	2012
Numerator:
Net income		$	6,625	5,120	3,862
Less:	Preferred stock dividends		915	771	840
	Discount accretion		-	-	360
Add:	Redemption of preferred stock		-	20	96
Net income available to common shareholders		$	5,710	4,369	2,758
Denominator:
Weighted-average common shares outstanding - basic			4,980,595	4,279,992	4,229,928
Common stock equivalents			218,781	178,926	110,030
Weighted-average common shares outstanding - diluted			5,199,376	4,458,918	4,339,958
Earnings per common share:
Basic		$	1.15	1.02	0.65
Diluted		$	1.10	0.98	0.64