Annual report pursuant to Section 13 and 15(d)

EARNINGS PER COMMON SHARE

v3.3.1.900
EARNINGS PER COMMON SHARE
 12 Months Ended
Dec. 31, 2015
EARNINGS PER COMMON SHARE [Abstract]  
EARNINGS PER COMMON SHARE
NOTE 13 - EARNINGS PER COMMON SHARE

A reconciliation of the numerators and denominators of basic and diluted earnings per common share are as follows (dollars in thousands, except per share data):
 
   
2015
    
2014
    
2013
  
Net income available to common shares
  
$
12,794
    
$
10,473
    
$
9,549
  
Effect of induced exchange of preferred stock
    
---
      
---
      
(17,575
)
Net income available to common shares
  
$
12,794
    
$
10,473
    
$
(8,026
)
                         
Weighted average shares outstanding, including participating stock awards - Basic
    
33,872,814
      
33,803,030
      
27,161,888
  
                         
Dilutive potential common shares:
                        
Stock options
    
---
      
---
      
---
  
Stock warrants
    
---
      
---
      
---
  
Weighted average shares outstanding - Diluted
    
33,872,814
      
33,803,030
      
27,161,888
  
                         
Basic earnings per common share
  
$
0.38
    
$
0.31
    
$
(0.29
)
Diluted earnings per common share
  
$
0.38
    
$
0.31
    
$
(0.29
)

The 2013 Exchange (See Note 17) by holders of convertible preferred stock for common stock and a cash premium was accounted for as an induced conversion.  Common stock was increased by the carrying (liquidation) value of the amount of convertible preferred stock exchanged.  The fair value of common stock and the cash premium issued in excess of the fair value of securities issuable pursuant to the original conversion terms was treated as a reduction to net income available to common shareholders for earnings per share purposes.

Stock options for 102,299, 260,261 and 355,328 shares of common stock were not considered in computing diluted earnings per share for 2015, 2014 and 2013, respectively, because they were antidilutive. Unvested restricted awards of 206,167 were not considered in computing earnings per share for 2013 as they were antidilutive due to the net loss available to common shares created by the preferred stock exchange.