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, 2013
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, 2013 and 2012 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,
  
 
  
2013
    
2012
    
2013
    
2012
  
Net income
  
$
2,238
    
$
6,585
    
$
7,315
    
$
14,256
  
Dividends declared on preferred shares
    
---
      
---
      
---
      
---
  
Net income available to common shares
  
$
2,238
    
$
6,585
    
$
7,315
    
$
14,256
  
 
                                
Weighted average shares outstanding, including participating stock awards - Basic
    
27,261,325
      
27,082,825
      
27,244,741
      
27,082,823
  
 
                                
Dilutive potential common shares:
                                
Stock options
    
---
      
---
      
---
      
---
  
Conversion of preferred stock
    
---
      
---
      
---
      
---
  
Stock warrants
    
---
      
---
      
---
      
---
  
Weighted average shares outstanding - Diluted
    
27,261,325
      
27,082,825
      
27,244,741
      
27,082,823
  
 
                                
Basic earnings per common share
  
$
0.08
    
$
0.24
    
$
0.27
    
$
0.53
  
Diluted earnings per common share
  
$
0.08
    
$
0.24
    
$
0.27
    
$
0.53
  

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.  Stock options for 534,444 shares of common stock for both the three and nine month periods ended September 30, 2012 were not considered in computing diluted earnings per share because they were antidilutive.  Potential common shares associated with convertible preferred stock and stock warrants were not considered in computing diluted earnings per share in each period because they were antidilutive.