Earnings Per Common Share

6 Months Ended

Jun. 30, 2015

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 and six month periods ended June 30, 2015 and 2014. Dilutive common shares arise from the potentially dilutive effect of the Company’s stock options that were outstanding at June 30, 2015. The assumed conversion of stock options can create a difference between basic and dilutive net income per common share. At June 30, 2015 and 2014, there were 170,875 and 114,124 options, respectively, that were not considered in computing diluted earnings per common share because they were anti-dilutive.

	Three months ended June 30,			Six months ended June 30,
(dollars in thousands, except share data)	2015		2014	2015	2014
Numerator:
Net income	$	2,560	1,566	4,588	2,816
Less: Preferred stock dividend		-	253	-	445
Net income available to common shareholders	$	2,560	1,313	4,588	2,371
Denominator:
Weighted-average common shares outstanding – basic		6,233,745	4,763,407	6,229,522	4,686,748
Common stock equivalents		299,913	273,146	294,795	270,252
Weighted-average common shares outstanding – diluted		6,533,658	5,036,553	6,524,317	4,957,000
Earnings per common share:
Basic	$	0.41	0.28	0.74	0.51
Diluted	$	0.39	0.26	0.70	0.48