Earnings Per Common Share

3 Months Ended

Mar. 31, 2014

Earnings Per Common Share [Abstract]

Earnings Per Common Share

Note 4. Earnings Per Common Share

A reconciliation of the numerator and denominator used in the earnings per common share calculations is as follows:

	Three Months Ended March 31, 2014
	Income			Shares (In thousands)		Per Share Amount
Basic and Diluted Earnings Per Common Share:
Net income	$	820			21,073
Less preferred stock dividends		(118	)		-
Net income applicable to common shareholders	$	702			21,073	$	.03

	Three Months Ended March 31, 2013
	Income			Shares (In thousands)		Per Share Amount
Basic Earnings Per Common Share:
Net income	$	922			21,182
Less preferred stock dividends		(127	)
Net income applicable to common shareholders		795			21,182	$	.04
Diluted Earnings Per Common Share:
Effect of dilutive stock options					40
Net income applicable to common shareholders	$	795			21,222	$	.04

The assumed conversion of the Company’s Series D preferred stock was excluded from the earnings per common share calculation for all periods presented since its impact would have been antidilutive.  There were no stock options outstanding in the three month period ended March 31, 2014.