Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER COMMON SHARE

v2.4.0.8
EARNINGS PER COMMON SHARE
 9 Months Ended
Sep. 30, 2014
EARNINGS PER COMMON SHARE [Abstract]  
EARNINGS PER COMMON SHARE
NOTE 8 - EARNINGS PER COMMON SHARE

A reconciliation of the numerators and denominators of basic and diluted earnings per common share for the three and nine month periods ended September 30, 2014 and 2013 are as follows (dollars in thousands, except per share data):
 
   
Three Months
    
Three Months
    
Nine Months
    
Nine Months
  
   
Ended
    
Ended
    
Ended
    
Ended
  
   
September 30,
    
September 30,
    
September 30,
    
September 30,
  
   
2014
    
2013
    
2014
    
2013
  
Net income
  
$
2,762
    
$
2,238
    
$
8,155
    
$
7,315
  
Dividends declared on preferred shares
    
---
      
---
      
---
      
---
  
Net income available to common shares
  
$
2,762
    
$
2,238
    
$
8,155
    
$
7,315
  
                                 
Weighted average shares outstanding, including participating stock awards - Basic
    
33,795,384
      
27,261,325
      
33,791,470
      
27,244,741
  
                                 
Dilutive potential common shares:
                                
Stock options
    
---
      
---
      
---
      
---
  
Conversion of preferred stock
    
---
      
---
      
---
      
---
  
Stock warrants
    
---
      
---
      
---
      
---
  
Weighted average shares outstanding - Diluted
    
33,795,384
      
27,261,325
      
33,791,470
      
27,244,741
  
                                 
Basic earnings per common share
  
$
0.08
    
$
0.08
    
$
0.24
    
$
0.27
  
Diluted earnings per common share
  
$
0.08
    
$
0.08
    
$
0.24
    
$
0.27
  

Stock options for 351,195 shares of common stock for both the three and nine month periods ended September 30, 2014 were not considered in computing diluted earnings per share because they were antidilutive. Stock options for 445,392 shares of common stock for both the three and nine month periods ended September 30, 2013 were not considered in computing diluted earnings per share because they were antidilutive.  Potential common shares associated with convertible preferred stock (for the 2013 periods) and stock warrants were excluded from dilutive potential common shares as they were antidilutive.