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Net Income Per Common Share
 9 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract]  
Net Income Per Common Share
Net Income Per Common Share
The Company determines basic earnings per share by dividing net income less preferred stock dividends by the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined by dividing net income less dividends on convertible preferred stock plus interest on convertible subordinated debt by the weighted average number of shares outstanding increased by both the number of shares that would be issued assuming the exercise of stock options under the Company’s 2003 and 2013 Stock Incentive Plans and the conversion of preferred stock and subordinated debt if dilutive. Earnings per share available for the common shareholder has been corrected from prior year. The prior year calculation included convertible preferred stock in the dilutive calculations instead of the convertible subordinated debt. The net effect resulted in a decrease of one penny in dilutive earnings per share for both the nine and three months ended September 30, 2015.
(Dollars in thousands except shares and per share data)
 
For the
nine months ended September 30,
 
For the
three months ended September 30,
 
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
 
Numerator for basic earnings per share:
 
 
 
 
 
 
 
 
Net Income from continuing operations
 
$
6,670

 
$
5,349

 
$
2,310

 
$
1,510

Less: Dividends on preferred stock
 
814

 
430

 
314

 
145

Net income from continuing operations available to common shareholders - basic
 
5,856

 
4,919

 
1,996

 
1,365

Net Income from discontinued operations available to common shareholders - basic and diluted
 
3,935

 
65

 
—

 
(104
)
Net Income available to common shareholders
 
$
9,791

 
$
4,984

 
$
1,996

 
$
1,261

 
 
 
 
 
 
 
 
 
Numerator for diluted earnings per share:
 
 
 
 
 
 
 
 
Net income from continuing operations available to common shareholders - basic
 
$
5,856

 
$
4,919

 
$
1,996

 
$
1,365

Add: Dividends on convertible preferred stock
 
—

 
—

 
123

 
—

Add: Interest on convertible subordinated debt (tax effected)
 
924

 
1,042

 
350

 
—

Net income available to common shareholders from continuing operations - diluted
 
$
6,780

 
$
5,961

 
$
2,469

 
$
1,365

 
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
 
Total average shares outstanding
 
8,073,644

 
7,998,203

 
8,080,690

 
8,023,549

Effect of dilutive convertible preferred stock
 
—

 
—

 
489,625

 
—

Effect of dilutive convertible subordinated debt
 
1,837,500

 
1,837,500

 
1,837,500

 
—

Effect of dilutive stock options
 
24,065

 
125,530

 
26,529

 
152,755

Total diluted average shares outstanding
 
9,935,209

 
9,961,233

 
10,434,344

 
8,176,304

 
 
 
 
 
 
 
 
 
Earnings per share from continuing operations - basic
 
$
0.73

 
$
0.61

 
$
0.25

 
$
0.17

Earnings per share from discontinued operations - basic
 
$
0.49

 
$
0.01

 
$
—

 
$
(0.01
)
Earnings per share common shareholder - basic
 
$
1.22

 
$
0.62

 
$
0.25

 
$
0.16

 
 
 
 
 
 
 
 
 
Earnings per share from continuing operations - diluted
 
$
0.68

 
$
0.60

 
$
0.24

 
$
0.17

Earnings per share from discontinued operations - diluted
 
$
0.40

 
$
—

 
$
—

 
$
(0.01
)
Earnings per share per common shareholder - diluted
 
$
1.08

 
$
0.60

 
$
0.24

 
$
0.16