NET EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2014

NET EARNINGS PER COMMON SHARE [Abstract]

NET EARNINGS PER COMMON SHARE

17. 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,
	2014		2013		2012
Net earnings available to common stockholders	$	18,412	$	12,844	$	8,095
Dividends on Series C preferred stock		378		400		-
Adjusted net earnings available to common stockholders	$	18,790	$	13,244	$	8,095
Weighted average number of common shares outstanding used in computation of basic earnings per common share		11,282		11,247		10,482
Effect of dilutive securities:
Stock options		77		50		24
Restricted stock		-		-		12
Preferred stock		542		564		6
Weighted average number of common shares outstanding plus effect of dilutive securities used in computation of diluted earnings per common share		11,901		11,861		10,524

Options to acquire 24,855, 134,611 and 18,331 shares of common stock were not included in computing diluted earnings per share for the years ended December 31, 2014, 2013 and 2012, 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 year ended December 31, 2012.