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EARNINGS PER SHARE ("EPS")
 9 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract]  
EARNINGS PER SHARE ("EPS")
EARNINGS PER SHARE (“EPS”)

The following tables set forth the calculation of basic and diluted EPS for the three and nine month periods ended September 30, 2016 and 2015.

 
For the three months ended 
 September 30,
 
For the nine months ended 
 September 30,
 
2016
 
2015
 
2016
 
2015
 
(amounts in thousands except share data)
Basic earnings per common share
 
 
 
 
 
 
 
Net income available to common shareholders
$
3,576

 
$
2,130

 
$
14,233

 
$
6,550

Average common shares outstanding
6,843,059

 
6,740,665

 
6,843,064

 
6,664,009

Basic earnings per common share
$
0.52

 
$
0.32

 
$
2.08

 
$
0.98

Diluted earnings per common share
 
 
 
 
 

 
 

Net income available to common shareholders
$
3,576

 
$
2,130

 
$
14,233

 
$
6,550

Dividend on Preferred Series B
300

 
300

 
900

 
900

Average common shares outstanding
6,843,059

 
6,740,665

 
6,843,064

 
6,664,009

Dilutive potential common shares
2,124,913

 
1,910,916

 
2,116,976

 
1,908,849

Total diluted average common shares outstanding
8,967,972

 
8,651,581

 
8,960,040

 
8,572,858

Diluted earnings per common share
$
0.43

 
$
0.28

 
$
1.69

 
$
0.87



On September 20, 2016 the Company declared a quarterly cash dividend of $0.08 per share to common shareholders of record as of October 14, 2016 and payable on October 31, 2016.