Earnings per Common Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Earnings per Common Share

NOTE 20—EARNINGS PER COMMON SHARE

The factors used in the earnings per share computation follow.

	2014		2013
Basic
Net income	$	9,528	$	6,179
Preferred stock dividends		1,873		1,159
Net income available to common shareholders—basic	$	7,655	$	5,020
Weighted average common shares outstanding—basic		7,707,917		7,707,917
Basic earnings per share	$	0.99	$	0.65
Diluted
Net income available to common shareholders—basic	$	7,655	$	5,020
Preferred stock dividends on convertible preferred stock		1,606		—
Net income available to common shareholders—diluted	$	9,261	$	5,020
Weighted average common shares outstanding for earnings per common share basic		7,707,917		7,707,917
Add: dilutive effects of convertible preferred shares		3,196,931		113,863
Average shares and dilutive potential common shares outstanding—diluted		10,904,848		7,821,780
Diluted earnings per share	$	0.85	$	0.64

Basic earnings per common share are calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share takes into consideration the pro forma dilution of unexercised stock option awards, computed using the treasury stock method.