Earnings Per Common Share

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings Per Common Share

Basic net income per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding for the reporting periods. Diluted net income available to common shareholders per common share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. The numerators of the basic net income per common share computations are the same as the numerators of the diluted net income per common share computations for all the periods presented. Weighted average shares outstanding for the three months ended June 30, 2014 excludes 161,504 shares of unvested restricted stock. Weighted average shares outstanding for the three months ended June 30, 2013 excludes 178,281 shares of unvested restricted stock. A reconciliation of the denominator of the basic net income per common share computations to the denominator of the diluted net income per common share computations is as follows:

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2014	2013	2014	2013
Basic EPS denominator:
Weighted average number of common shares outstanding	14,217,607	14,205,223	14,214,549	14,200,264
Dilutive potential common shares	61,557	18,381	59,755	—
Diluted EPS denominator	14,279,164	14,223,604	14,274,304	14,200,264

For the three and six months ended June 30, 2014 and 2013, net income for determining net income per common share was reported as net income less the dividend on preferred stock. During the three and six months ended June 30, 2014, there were 47,175 stock options that were not considered dilutive because the exercise prices exceeded the average market price per share. The non-dilutive options had exercise prices ranging from $20.37 to $57.21 per share for the periods ended June 30, 2014. During the three and six months ended June 30, 2014, 102,312 and 104,475 shares of restricted stock were not considered dilutive because they were antidilutive under the treasury stock method or because performance and service criteria had not been met, respectively. During the three and six months ended June 30, 2013, there were 53,616 warrants and stock options that were not considered dilutive. During the three and six months ended June 30, 2013, there were 159,665 and 205,359 shares of restricted stock that were not considered dilutive.