Earnings Per Common Share

3 Months Ended

Mar. 31, 2015

Earnings Per Common Share

EARNINGS PER COMMON SHARE

2. EARNINGS PER COMMON SHARE

Basic earnings per common share is computed as net income available to common shareholders divided by the weighted average number of common shares outstanding during the period.

Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock using the treasury stock method. Outstanding stock options issued by the Company represent the only dilutive effect reflected in diluted weighted average shares.

The following table illustrates the computation of basic and diluted earnings per share:

	Three Months Ended  March 31,
	2015				2014
	Amount		Per Share Amount		Amount		Per Share Amount
	(Amounts in thousands, except per share amounts)
Net income	$	4,649			$	3,488
Basic:
Weighted average shares outstanding		26,176	$	0.18		20,775	$	0.17
Diluted:
Add incremental shares for:
Effect of dilutive securities - options		183				132
Total		26,359	$	0.18		20,907	$	0.17