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Earnings Per Share
 9 Months Ended
Sep. 30, 2014
Earnings Per Share  
Earnings Per Share

2) Earnings Per Share

        Basic earnings per common share is computed by dividing net income, less dividends and discount accretion on preferred stock, by the weighted average common shares outstanding. The Series C Preferred Stock participates in the earnings of the Company and, therefore, the shares issued on the conversion of the Series C Preferred Stock are considered outstanding under the two class method of computing basic earnings per common share during periods of earnings. Diluted earnings per share reflect potential dilution from outstanding stock options and common stock warrants, using the treasury stock method. The common stock warrant was antidilutive for the nine months ended September 30, 2013. The Company repurchased the warrant for $140,000 in the second quarter of 2013. A reconciliation of these factors used in computing basic and diluted earnings per common share is as follows:

 
   For the Three Months Ended
September 30,		   For the Nine Months Ended
September 30,		  
 
   2014   2013   2014   2013  
 
   (Dollars in thousands, except per share amounts)
  

Net income available to common shareholders

   $ 3,145   $ 3,045   $ 9,097   $ 8,018  

Less: undistributed earnings allocated to Series C Preferred Stock

     320     395     993     1,268  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Distributed and undistributed earnings allocated to common shareholders

   $ 2,825   $ 2,650   $ 8,104   $ 6,750  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

Weighted average common shares outstanding for basic earnings per common share

     26,371,413     26,340,080     26,367,314     26,335,222  

Dilutive effect of stock options oustanding, using the the treasury stock method

     145,450     46,969     134,646     46,743  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Shares used in computing diluted earnings per common share

     26,516,863     26,387,049     26,501,960     26,381,965  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

Basic earnings per share

   $ 0.11   $ 0.10   $ 0.31   $ 0.26  

Diluted earnings per share

   $ 0.11   $ 0.10   $ 0.31   $ 0.26