Earnings Per Common Share

9 Months Ended

Sep. 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 nine month periods ended September 30, 2015 and 2014. Dilutive common shares arise from the potentially dilutive effect of the Company’s stock options that were outstanding at September 30, 2015. The assumed conversion of stock options can create a difference between basic and dilutive net income per common share. At September 30, 2015 and 2014, there were 88,000 and 110,463 options, respectively, that were not considered in computing diluted earnings per common share because they were anti-dilutive.

	Three months ended				Nine months ended
	September 30,				September 30,
(dollars in thousands, except share data)	2015		2014		2015	2014
Numerator:
Net income	$	2,727		1,826	7,315	4,643
Less: Preferred stock dividend		-		253	-	699
Net income available to common shareholders	$	2,727		1,573	7,315	3,944
Denominator:
Weighted-average common shares outstanding – basic		6,238,465		4,829,514	6,232,536	4,775,791
Common stock equivalents		340,983		216,973	310,360	208,762
Weighted-average common shares outstanding – diluted		6,579,448		5,046,487	6,542,896	4,984,553
Earnings per common share:
Basic	$	0.44		0.33	1.17	0.83
Diluted	$	0.41		0.31	1.12	0.79