Earnings per Common Share

3 Months Ended

Mar. 31, 2014

Earnings per Common Share [Abstract]

Earnings per Common Share

Note 2.  Earnings per Common Share

Basic earnings per common share (“EPS”) is computed by dividing income available to common shareholders 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 757 for the three months ended March 31, 2014, and anti-dilutive stock option shares outstanding were 31,604, for the three months ended March 31, 2013.

Earnings per common share have been computed based on the following:

	Three Months Ended March 31,
(in thousands, except per share amounts)	2014		2013
Net income	$	4,398	$	4,924
Preferred stock dividends		(28)		(56)
Net income available to common shareholders	$	4,370	$	4,868
Basic weighted average common shares outstanding		16,350		16,348
Plus: effect of dilutive options		56		26
Diluted weighted average common shares outstanding		16,406		16,374
Earnings per common share:
Basic	$	0.27	$	0.30
Diluted	$	0.27	$	0.30