Outstanding Shares and Earnings Per Share

12 Months Ended

Dec. 31, 2015

Outstanding Shares and Earnings Per Share [Abstract]

Outstanding Shares and Earnings Per Share

(11) Outstanding Shares and Earnings Per Share

All income per share amounts have been adjusted to give retroactive effect to stock dividends and stock splits, including the 4% stock dividend declared on January 28, 2016, payable March 31, 2016 to shareholders of record as of February 29, 2016.

Earnings Per Share

Basic and diluted earnings per share for the years ended December 31, were computed as follows:

	(in thousands, except per share amounts)
	2015			2014			2013
Basic  earnings per share:
Net income	$	6,921		$	5,870		$	5,384
Preferred stock dividend		(105	)		(129	)		(677	)
Net income available to common shareholders	$	6,816		$	5,741		$	4,707
Weighted average common shares outstanding		10,571,962			10,524,319			10,499,637
Basic earnings per share	$	0.64		$	0.55		$	0.45
Diluted earnings per share:
Net income	$	6,921		$	5,870		$	5,384
Preferred stock dividend		(105	)		(129	)		(677	)
Net income available to common shareholders	$	6,816		$	5,741		$	4,707
Weighted average common shares outstanding		10,571,962			10,524,319			10,499,637
Effect of dilutive shares		58,610			54,943			40,085
Adjusted weighted average common shares outstanding		10,630,572			10,579,262			10,539,722
Diluted earnings per share	$	0.64		$	0.54		$	0.45

Options not included in the computation of diluted earnings per share because they would have had an anti-dilutive effect amounted to 166,334 shares, 243,786 shares, and 338,394 shares for the years ended December 31, 2015, 2014, and 2013, respectively.  Non-vested shares of restricted stock not included in the computation of diluted earnings per share because they would have had an anti-dilutive effect amounted to 0 shares, 6,382 shares, and 2,240 shares for the years ended December 31, 2015, 2014, and 2013, respectively.