Earnings per Common Share

6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

Earnings per Common Share

Note 2 – Earnings per Common Share

Basic earnings per common share are calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing net income available to common shareholders by the weighted average number of shares adjusted for the dilutive effect of common stock awards (outstanding stock options and unvested restricted stock), if any. Presented below are the calculations for basic and diluted earnings per common share.

	Three Months Ended  June 30,				Six Months Ended  June 30,
	2015		2014		2015		2014
(In thousands except per share data)
Net income, net of noncontrolling interest	$	2,935	$	2,554	$	6,015	$	4,768
Less: preferred stock dividends		61		61		122		122
Net income available to common shareholders	$	2,874	$	2,493	$	5,893	$	4,646
Weighted average common shares outstanding		4,007		4,212		4,019		4,227
Effect of dilutive stock instruments		359		120		319		85
Diluted weighted average common shares outstanding		4,366		4,332		4,338		4,312
Basic earnings per common share*	$	0.72	$	0.59	$	1.47	$	1.10
Diluted earnings per common share*	$	0.66	$	0.58	$	1.36	$	1.08

*Cumulative quarterly per share performance may not equal annual per share totals due to the effects of the amount and timing of capital increases. When computing earnings per share for an interim period, the denominator is based on the weighted-average shares outstanding during the interim period, and not on an annualized weighted-average basis. Accordingly, the sum of the quarters’ earnings per share data will not necessarily equal the year to date earnings per share data.

Options to purchase approximately 0.2 million shares and 0.3 million shares were outstanding at June 30, 2015 and June 30, 2014, respectively, but were excluded from the calculation of diluted earnings per common share as the effect would have been anti-dilutive.