Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2014

Components of Basic and Diluted Net Income per Common Share

The components of basic and diluted net income per common share available to common stockholders for the three and nine-month period ended September 30, 2014 and 2013 were as follows:



	Three months ended September 30,						Nine months ended September 30,
	2014			2013			2014			2013
Basic Net Income per Common Share
Available to Common Stockholders:
Net income	$	3,915,000		$	3,910,000		$	11,551,000		$	11,103,000
Preferred stock dividends	(1,105,000		)	(1,104,000		)	(3,313,000		)	(3,313,000		)
Net income available to common stockholders	$	2,810,000		$	2,806,000		$	8,238,000		$	7,790,000
Weighted average common shares outstanding	5,881,681			5,935,383			5,881,974			5,947,476
Basic earnings per common share	$	0.48		$	0.47		$	1.40		$	1.31
Diluted Net Income per Common Share
Available to Common Stockholders:
Net income available to common stockholders	$	2,810,000		$	2,806,000		$	8,238,000		$	7,790,000
Effect of assumed preferred stock conversion	1,105,000			—			3,313,000			—
Net income applicable to diluted earnings per share	$	3,915,000		$	2,806,000		$	11,551,000		$	7,790,000
Weighted average common shares outstanding	5,881,681			5,935,383			5,881,974			5,947,476
Dilutive potential common shares:
Assumed conversion of stock options	—			2,151			—			2,864
Restricted stock awarded	9,892			9,329			9,892			9,329
Assumed conversion of preferred stock	2,494,569			—			2,494,642			—
Dilutive potential common shares	2,504,461			11,480			2,504,534			12,193
Diluted weighted average common shares outstanding	8,386,142			5,946,863			8,386,508			5,959,669
Diluted earnings per common share	$	0.47		$	0.47		$	1.38		$	1.31

Anti-dilutive Securities

The following shares were not considered in computing diluted earnings per share for the three and nine-month periods ended September 30, 2014 and 2013 because they were anti-dilutive:



	Three months ended September 30,		Nine months ended September 30,
	2014	2013	2014	2013
Stock options to purchase shares of common stock	128,750	130,500	128,750	130,500
Average dilutive potential common shares associated with convertible preferred stock	—	2,494,801	—	2,494,801