Years ended December 31, (in thousands, except per share amounts)

2013

2012

2011

Net income

$

4,083

$

4,077

$

4,112

Less: Preferred stock net accretion

—

(78

)

Less: Preferred stock dividends declared

(161

)

(216

)

(446

)

Net income available to common shareholders

3,922

3,861

3,588

Less: Undistributed earnings allocated to participating securities

(39

)

—

Net income allocated to common stock

$

3,883

$

3,861

$

3,588

Common shares issued

1,710

1,690

1,689

Less: Unvested restricted stock awards

(19

)

—

Common shares outstanding used to calculate basic earnings per common share

1,691

1,690

1,689

Add: Dilutive effect of unvested restricted stock awards

—

Common shares outstanding used to calculate diluted earnings per common share

1,691

1,690

1,689

Earnings per common share (basic and diluted)

$

2.30

$

2.28

$

2.12