Three months

Six months

Periods ended June 30, (in thousands)

2013

2012

2013

2012

Net income

$

1,144

$

1,117

$

2,084

$

2,366

Less: Preferred stock dividends declared

(40

)

(48

)

(81

)

(132

)

Less: Undistributed earnings allocated to participating securities

(12

)

—

(18

)

—

Net income allocated to common stock

$

1,092

$

1,069

$

1,985

$

2,234

Common shares issued

1,710

1,690

1,705

1,690

Less: Unvested restricted stock awards

(19

)

(15

)

—

Common shares outstanding used to calculate basic earnings per common share

1,691

1,690

Add: Diluted effect of unvested restricted stock awards

—

Common shares outstanding used to calculate diluted earnings per common share

1,691

—

1,690

—

Earnings per common share (basic and diluted)

$

0.65

$

0.63

$

1.17

$

1.32