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

2014

2013

2012

Net income

$

2,521

$

4,083

$

4,077

Less: Preferred stock dividends declared

(166

)

(161

)

(216

)

Net income available to common shareholders

2,355

3,922

3,861

Less: Undistributed earnings allocated to participating securities

(27

)

(39

)

—

Net income allocated to common stock

$

2,328

$

3,883

$

3,861

Weighted average common shares issued

1,785

1,710

1,690

Less: Unvested restricted stock awards

(21

)

(19

)

—

Weighted average common shares outstanding used to calculate basic earnings per common share

1,764

1,691

1,690

Add: Dilutive effect of unvested restricted stock awards

1

—

Weighted average common shares outstanding used to calculate diluted earnings per common share

1,765

1,691

1,690

Earnings per common share (basic and diluted)

$

1.32

$

2.30

$

2.28