Earnings Per Share

12 Months Ended

Dec. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Basic net income per common share available to common stockholders is calculated as net income less preferred stock dividends divided by the weighted average number of common shares outstanding.  Diluted net income per common share available to common stockholders is computed using the weighted average number of common shares outstanding, increased by the assumed conversion of the Company’s convertible preferred stock and the Company’s stock options, unless anti-dilutive.

The components of basic and diluted net income per common share available to common stockholders for the years ended December 31, 2012, 2011 and 2010 were as follows:

	2012			2011			2010
Basic Net Income per Common Share
Available to Common Stockholders:
Net income	$	14,025,000		$	11,372,000		$	8,761,000
Preferred stock dividends	(4,252,000		)	(3,576,000		)	(2,240,000		)
Net income available to common stockholders	$	9,773,000		$	7,796,000		$	6,521,000
Weighted average common shares outstanding	6,023,289			6,042,015			6,092,670
Basic earnings per common share	$	1.62		$	1.29		$	1.07
Diluted Net Income per Common Share
Available to Common Stockholders:
Net income available to common stockholders	$	9,773,000		$	7,796,000		$	6,521,000
Effect of assumed preferred stock conversion	—			—			—
Net income applicable to diluted earnings per share	$	9,773,000		$	7,796,000		$	6,521,000
Weighted average common shares outstanding	6,023,289			6,042,015			6,092,670
Dilutive potential common shares:
Assumed conversion of stock options	4,473			10,515			24,057
Restricted stock awarded	116			1,741			—
Assumed conversion of preferred stock	—			—			—
Dilutive potential common shares	4,589			12,256			24,057
Diluted weighted average common shares outstanding	6,027,878			6,054,271			6,116,727
Diluted earnings per common share	$	1.62		$	1.29		$	1.07

The following shares were not considered in computing diluted earnings per share for the years ended December 31, 2012, 2011 and 2010 because they were anti-dilutive:

	2012	2011	2010
Stock options to purchase shares of common stock	108,125	202,970	202,970
Average dilutive potential common shares associated with convertible preferred stock	2,290,110	1,998,652	1,122,833