Earnings per Common Share

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 4. Earnings per Common Share

Basic earnings per common share (“EPS”) is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding. Diluted EPS includes any additional common shares as if all potentially dilutive common shares were issued (e.g., stock options). The Corporation’s weighted average common shares outstanding for diluted EPS include the effect of stock options and restricted stock awards outstanding using the Treasury Stock Method, which are not included in the calculation of basic EPS. Anti-dilutive stock option and restricted stock award shares outstanding were 19,174 and 19,377, respectively, for the three and six months ended June 30, 2014, and anti-dilutive stock option shares outstanding were 67,451 for both the three and six months ended June 30, 2013.

Earnings per common share have been computed as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except per share amounts)	2014			2013			2014			2013
Net income	$	4,378		$	4,923		$	8,776		$	9,847
Preferred stock dividends		(28	)		(28	)		(56	)		(84	)
Net income available to common stockholders	$	4,350		$	4,895			8,720		$	9,763
Basic weighted average common shares outstanding		16,373			16,349			16,362			16,349
Plus: effect of dilutive options		57			27			61			26
Diluted weighted average common shares outstanding		16,430			16,376			16,423			16,375
Earnings per common share:
Basic	$	0.27		$	0.30		$	0.53		$	0.60
Diluted	$	0.26		$	0.30		$	0.53		$	0.60