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EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2014
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE

Earnings per share for the years ended December 31 were calculated as follows (in thousands, except share and per share data):
 
2014
 
2013
 
2012
Net income
$
9,869

 
8,780

 
8,270

 
 
 
 
 
 
Weighted average number of shares outstanding used in the calculation of basic earnings per common share
9,297,019

 
7,852,514

 
6,717,357

 
 
 
 
 
 
Add dilutive effect of:
 

 
 

 
 

Stock options
18,545

 
23,456

 
19,205

Stock warrants
90,782

 
107,027

 
65,913

 
 
 
 
 
 
Adjusted weighted average number of shares outstanding used in the calculation of diluted earnings per common share
9,406,346

 
7,982,997

 
6,802,475

 
 
 
 
 
 
Earnings per common share:
 

 
 

 
 

Basic
$
1.06

 
1.12

 
1.23

Diluted
1.05

 
1.10

 
1.22



Options to purchase 12,962, 6,400, and 2,248 shares of common stock at weighted average prices of $18.41, $18.95, and $15.44 per share were outstanding at December 31, 2014, 2013, and 2012, respectively, and were not included in the computation of diluted earnings per common share because the exercise prices of the options were greater than the average market prices of the common shares.