NET EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2013

NET EARNINGS PER COMMON SHARE [Abstract]

NET EARNINGS PER COMMON SHARE

18. NET EARNINGS PER COMMON SHARE

Following is a summary of the information used in the computation of earnings per common share (in thousands):

	December 31,
	2013		2012		2011
Net earnings available to common stockholders	$	12,844	$	8,095	$	2,671
Dividends on Series C preferred stock		400		-		-
Adjusted net earnings available to common stockholders	$	13,244	$	8,095	$	2,671
Weighted average number of common shares outstanding used in computation of basic earnings per common share		11,247		10,482		9,787
Effect of dilutive securities:
Stock options		50		24		7
Restricted stock		-		12		5
Preferred stock		564		6		-
Weighted average number of common shares outstanding plus effect of dilutive securities used in computation of diluted earnings per common share		11,861		10,524		9,799

Options to acquire 134,611, 18,331 and 18,331 shares of common stock were not included in computing diluted earnings per share for the years ended December 31, 2013, 2012 and 2011, respectively, because the effect of these shares was anti-dilutive.  The remaining 104,384 shares subject to the outstanding warrant issued in connection with the CPP transaction were anti-dilutive and not included in the computation of diluted earnings per share for the years ended December 31, 2012 and 2011.