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Earnings Per Share
 6 Months Ended
Jun. 30, 2013
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]

Basic earnings per common share is computed using the weighted average number of common shares and participating securities outstanding during the reporting period. Diluted earnings per common share is the amount of earnings available to each share of common stock during the reporting period adjusted to include the effect of potentially dilutive common shares. Potentially dilutive common shares include incremental shares issued for stock options, restricted stock awards and the warrant under the Treasury's Troubled Asset Relief Program Capital Purchase Program (collectively referred to herein as “Stock Rights”). Potentially dilutive common shares are excluded from the computation of dilutive earnings per share in the periods in which the effect would be anti-dilutive. As discussed in Note 3, the warrant issued in connection with the Treasury's Troubled Asset Relief Program Capital Purchase Program was repurchased by the Company and cancelled in September 2012.

 

The Company's basic and diluted earnings per share calculations are presented in the following table (dollars in thousands, except per share data):

  Three Months Ended June 30, Six Months Ended June 30,
  2013 2012 2013 2012
Net income available to common shareholders$4,136 $1,690 $7,886 $2,814
 Add: Convertible preferred stock dividends  -  90   -  180
Net income available to participating common           
  shareholders$4,136 $1,780 $7,886 $2,994
             
Weighted average common shares - basic 26,474,878  11,744,896  26,090,711  10,425,423
 Add: Effect of convertible preferred stock  -  1,804,566   378,860  1,804,566
Weighted average participating common            
 shares - basic 26,474,878  13,549,462  26,469,571  12,229,989
Effects of dilutive Stock Rights  23,132  6,972   16,529  7,833
Weighted average participating common           
 shares - diluted 26,498,010  13,556,434  26,486,100  12,237,822
             
Basic earnings per common share$0.16 $0.13 $0.30 $0.24
Diluted earnings per common share$0.16 $0.13 $0.30 $0.24

For the three and six months ended June 30, 2013, respectively, there were 415,936 shares of Stock Rights excluded in computing diluted common shares outstanding because the exercise price exceeded the average share value for the periods. For the three and six months ended June 30, 2012, respectively, there were 669,927 shares of Stock Rights excluded in computing diluted common shares outstanding because the exercise price exceeded the average share value for the periods.