Earnings Per Share

9 Months Ended

Sep. 30, 2015

Basic earnings per share excludes dilution and is computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding for the period, excluding common shares in treasury. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted from the issuance of common stock that would then share in earnings and excludes common shares in treasury. Stock options exercisable for shares of common stock are excluded from the computation of diluted earnings per share if they are anti-dilutive due to their exercise price exceeding the average market price during the period.

The impact of stock options which are anti-dilutive are excluded from the computations of diluted earnings per share. The dilutive impact of these securities could be included in future computations of diluted earnings per share if the market price of the common stock increases. The following table sets forth the number of stock options excluded for the periods indicated:



	Three Months Ended			Nine Months Ended
	September 30,	June 30,	September 30,	September 30,
	2015	2015	2014	2015	2014

Stock options excluded	—	448,000	249,000	316,614	249,000

The following tables set forth the Company’s unaudited earnings per share calculations for the periods indicated:



	Three Months Ended
	September 30, 2015					June 30, 2015					September 30, 2014
	Net Income		Shares	Per Share Amount		Net Income		Shares	Per Share Amount		Net Income		Shares	Per Share Amount
	(dollars in thousands, except per share data)
Net income	$	7,837				$	7,825				$	5,450
Basic income available to common stockholders	7,837		21,510,678	$	0.36	7,825		21,493,641	$	0.36	5,450		17,069,216	$	0.32
Effect of dilutive stock option grants and warrants	—		356,162			—		335,235			—		273,666
Diluted income available to common stockholders plus assumed conversions	$	7,837	21,866,840	$	0.36	7,825		21,828,876	$	0.36	$	5,450	17,342,882	$	0.31



	Nine Months Ended September 30,
	2015					2014
	Net Income		Shares	Per Share Amount		Net Income		Shares	Per Share Amount
	(dollars in thousands, except per share data)
Net income	$	17,450				$	12,725
Basic income available to common stockholders	17,450		21,037,345	$	0.83	12,725		17,078,945	$	0.75
Effect of dilutive stock option grants and warrants	—		304,859	—		—		306,890	—
Diluted income available to common stockholders plus assumed conversions	$	17,450	21,342,204	$	0.82	12,725		17,385,835	$	0.73