Net income

$

13,492

12,628

22,128

Less allocation of earnings and dividends to participating securities

82

86

114

Net income allocated to common shareholders

$

13,410

12,542

22,014

Weighted average common shares outstanding, gross

13,849,578

11,497,330

11,469,676

Less average participating securities

84,593

79,473

58,695

Weighted average number of shares outstanding used in the calculation of basic earnings per common share

13,764,985

11,417,857

11,410,981

Add dilutive effect of:

Stock options

—

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

13,764,985

11,417,857

11,410,981

Earnings per common share:

Basic

$

0.97

1.10

1.93

Diluted

0.97

1.10

1.93