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EARNINGS PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2017
Earnings Per Share  
Schedule of basic and diluted earnings per common share

Presented below are the calculations for basic and diluted earnings per common share for the three and six months ended June 30, 2017 and 2016 (dollars in thousands, except per share data):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Three Months Ended

    

Six Months Ended

    

 

 

June 30, 

 

June 30, 

 

 

    

2017

    

2016

    

2017

    

2016

    

Net income

 

$

3,539

 

$

6,789

 

$

12,029

 

$

11,908

 

Preferred stock dividends

 

 

(19)

 

 

 —

 

 

(19)

 

 

 —

 

Net income available to common equity

 

 

3,520

 

 

6,789

 

 

12,010

 

 

11,908

 

Common shareholder dividends

 

 

(3,173)

 

 

(2,125)

 

 

(6,282)

 

 

(4,250)

 

Unvested restricted stock award dividends

 

 

(20)

 

 

(11)

 

 

(40)

 

 

(23)

 

Undistributed earnings to unvested restricted stock awards

 

 

 —

 

 

(25)

 

 

(31)

 

 

(43)

 

Undistributed earnings to common shareholders

 

$

327

 

$

4,628

 

$

5,657

 

$

7,592

 

Basic

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributed earnings to common shareholders

 

$

3,173

 

$

2,125

 

$

6,282

 

$

4,250

 

Undistributed earnings to common shareholders

 

 

327

 

 

4,628

 

 

5,657

 

 

7,592

 

Total common shareholders earnings, basic

 

$

3,500

 

$

6,753

 

$

11,939

 

$

11,842

 

Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributed earnings to common shareholders

 

$

3,173

 

$

2,125

 

$

6,282

 

$

4,250

 

Undistributed earnings to common shareholders

 

 

327

 

 

4,628

 

 

5,657

 

 

7,592

 

Total common shareholders earnings

 

 

3,500

 

 

6,753

 

 

11,939

 

 

11,842

 

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

 

Undistributed earnings reallocated from unvested restricted stock awards

 

 

 —

 

 

 1

 

 

 1

 

 

 1

 

Total common shareholders earnings, diluted

 

$

3,500

 

$

6,754

 

$

11,940

 

$

11,843

 

Weighted average common shares outstanding, basic

 

 

16,803,724

 

 

13,358,289

 

 

16,272,929

 

 

12,657,552

 

Options and warrants

 

 

516,365

 

 

276,785

 

 

565,487

 

 

279,443

 

Weighted average common shares outstanding, diluted

 

 

17,320,089

 

 

13,635,074

 

 

16,838,416

 

 

12,936,995

 

Basic earnings per common share

 

$

0.21

 

$

0.51

 

$

0.73

 

$

0.94

 

Diluted earnings per common share

 

 

0.20

 

 

0.50

 

 

0.71

 

 

0.92