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Earnings Per Share
 9 Months Ended
Sep. 30, 2013
Earnings Per Share

3. EARNINGS PER SHARE

Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted average number of shares outstanding for the periods ended September 30, 2013 and 2012, respectively. Diluted earnings per share for these periods is computed based on the weighted average number of shares outstanding plus the effect of any dilutive shares of restricted stock and stock options granted to employees and non-employee directors. There were no anti-dilutive restricted shares or options as of September 30, 2013 or 2012.   

The following table sets forth the computation of basic and diluted shares (in thousands, except per share and share amounts):

 

 

Three months
ended September 30,

 

  

Nine months ended

September 30,

 

 

2013

 

  

2012

 

  

2013

 

  

2012

 

Net income             

$

  4,319

 

  

$

  2,504

 

  

$

  12,031

 

  

$

  8,487

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding – basic             

 

  7,374,600

 

  

 

  7,166,020

 

 

 

  7,347,376

 

 

 

  7,138,878

 

Dilutive potential shares from unvested restricted shares             

 

  183,536

 

  

 

  157,225

 

 

 

  239,112

 

 

 

  157,966

 

Dilutive potential shares from stock options             

 

—

 

  

 

—

 

 

 

—

 

 

 

  4,170

 

Weighted average shares outstanding – diluted             

 

  7,558,136

 

  

 

  7,323,245

 

 

 

  7,586,488

 

 

 

  7,301,014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

Basic             

$

  0.59

 

  

$

  0.35

 

  

$

  1.64

 

  

$

  1.19

 

Diluted             

$

  0.57

 

  

$

  0.34

 

  

$

  1.59

 

  

$

  1.16