CALCULATION OF WEIGHTED AVERAGE SHARES OUTSTANDING FOR EARNINGS PER SHARE (EPS)

6 Months Ended

Jun. 30, 2015

CALCULATION OF WEIGHTED AVERAGE SHARES OUTSTANDING FOR EARNINGS PER SHARE (EPS)

The following table reconciles basic to diluted weighted shares outstanding used to calculate earnings per share data dollars and shares (in thousands, except per share data):



	Three Months Ended June 30				Six Months Ended June 30
	2015		2014		2015		2014
Net income	$	13,249	$	16,987	$	25,383	$	27,537

Basic weighted average shares outstanding	20,726		19,342		20,246		19,344
Plus unvested restricted stock	64		68		55		62
Diluted weighted shares outstanding	20,790		19,410		20,301		19,406
Earnings per common share
Basic	$	0.64	$	0.88	$	1.25	$	1.42
Diluted	$	0.64	$	0.88	$	1.25	$	1.42

Options to purchase an additional 7,500 shares of common stock as of June 30, 2015 were not included in the computation of diluted earnings per share because their exercise price resulted in them being anti-dilutive. Also, as of June 30, 2015, the warrants originally issued to the U.S. Treasury in the fourth quarter of 2008 to purchase up to $18.6 million (243,998 shares, post reverse-split) of common stock were not included in the computation of diluted EPS for the quarters ended June 30, 2015 and 2014 because the exercise price of the warrants was greater than the average market price of common shares. In June 2013, the Treasury sold the warrants in a public auction. That sale did not change the Company's capital position and did not have any impact on the financial accounting and reporting for these securities.