Three months

Six months

Periods ended June 30, (in thousands)

2015

2014

2015

2014

Net income

$

2,072

$

966

$

4,306

$

1,517

Less: Preferred stock dividends declared

(40

)

(40

)

(80

)

(86

)

Net income available to common shareholders

2,032

926

4,226

1,431

Less: Undistributed earnings allocated to participating securities

(18

)

(10

)

(37

)

(17

)

Net income allocated to common stock

$

2,014

$

916

$

4,189

$

1,414

Common shares issued

2,730

1,713

2,727

1,712

Less: Unvested restricted stock awards

(24

)

(22

)

(24

)

(21

)

Common shares outstanding used to calculate basic earnings per common share

2,706

1,691

2,703

1,691

Add: Dilutive effect of stock options

18

—

17

—

Common shares outstanding used to calculate diluted earnings per common share

2,724

1,691

2,720

1,691

Earnings per common share (basic)

$

0.74

$

0.54

$

1.55

$

0.83

Earnings per common share (diluted)

$

0.74

$

0.54

$

1.54

$

0.83