Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2014

Summary of Significant Accounting Policies [Abstract]

Cash Equivalents and Cash Flows — Cash on hand, cash items in process of collection, amounts due from banks, Federal funds sold, short-term discount notes and securities purchased under agreements to resell, with original maturities within ninety days, are included in cash and cash equivalents. The following supplemental cash flow information addresses certain cash payments and noncash transactions for each of the years in the three-year period ended December 31, 2014 as follows:

	For the years ended December 31,
	2014		2013		2012
Cash Payments:
Interest	$	13,414,134	$	16,020,132	$	23,506,632
Income taxes paid		31,350,000		27,150,000		10,249,106
Noncash Transactions:
Loans charged-off to the allowance for loan losses		7,702,661		17,252,736		19,657,061
Loans foreclosed upon with repossessions transferred to other real estate		4,649,852		4,630,251		9,052,792
Available-for-sale securities transferred to held-to-maturity portfolio		-		39,959,647		-

Basic and Diluted Earnings Per Share Calculations

Income Per Common Share — Basic net income per share available to common stockholders (EPS) is computed by dividing net income available to common stockholders by the weighted average common shares outstanding for the period. Diluted EPS reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted. The difference between basic and diluted weighted average shares outstanding is attributable to common stock options, common stock appreciation rights, restricted share awards, and restricted share unit awards. The dilutive effect of outstanding options, common stock appreciation rights, warrants, restricted share awards, and restricted share unit awards is reflected in diluted EPS by application of the treasury stock method.

As of December 31, 2014, there were approximately 695,000 stock options and 3,700 stock appreciation rights outstanding to purchase common shares. For the year ended December 31, 2014 and 2013, respectively, approximately 403,555 and 308,491 of dilutive stock options, dilutive restricted shares, restricted share units and stock appreciation rights were included in the diluted earnings per share calculation under the treasury stock method.

The following is a summary of the basic and diluted earnings per share calculation for each of the years in the three-year period ended December 31, 2014:

	2014		2013		2012

Basic earnings per share calculation:
Numerator - Net income available to common stockholders	$	70,471,167	$	57,726,201	$	38,069,841

Denominator – Weighted average common shares outstanding		34,723,335		34,200,770		33,899,667
Basic net income per common share available to common stockholders	$	2.03	$	1.69	$	1.12

Diluted earnings per share calculation:
Numerator - Net income available to common stockholders	$	70,471,167	$	57,726,201	$	38,069,841

Denominator – Weighted average common shares outstanding		34,723,335		34,200,770		33,899,667
Dilutive shares contingently issuable		403,555		308,491		588,141
Weighted average diluted common shares outstanding		35,126,890		34,509,261		34,487,808
Diluted net income per common share available to common stockholders	$	2.01	$	1.67	$	1.10