Three months

Nine months

Periods ended September 30, (in thousands)

2015

2014

2015

2014

Net income

$

1,985

$

768

$

6,290

$

2,285

Less: Preferred stock dividends declared

(40

)

(40

)

(120

)

(126

)

Net income available to common shareholders

1,945

728

6,170

2,159

Less: Undistributed earnings allocated to participating securities

(17

)

(8

)

(54

)

(26

)

Net income allocated to common stock

$

1,928

$

720

$

6,116

$

2,133

Common shares issued

2,731

1,713

2,728

1,713

Less: Unvested restricted stock awards

(24

)

(20

)

(24

)

(21

)

Common shares outstanding used to calculate basic earnings per common share

2,707

1,693

2,704

1,692

Add: Dilutive effect of stock options

17

—

17

—

Common shares outstanding used to calculate diluted earnings per common share

2,724

1,693

2,721

1,692

Earnings per common share (basic)

$

0.71

$

0.43

$

2.26

$

1.26

Earnings per common share (diluted)

$

0.71

$

0.43

$

2.25

$

1.26