Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Components of Basic and Diluted Net Income per Common Share

The components of basic and diluted net income per common share available to common stockholders for the three-month period ended March 31, 2014 and 2013 were as follows:

	Three months ended March 31,
	2014			2013
Basic Net Income per Common Share
Available to Common Stockholders:
Net income	$	3,607,000		$	3,528,000
Preferred stock dividends	(1,104,000		)	(1,104,000		)
Net income available to common stockholders	$	2,503,000		$	2,424,000
Weighted average common shares outstanding	5,883,340			5,955,284
Basic earnings per common share	$	0.43		$	0.41
Diluted Net Income per Common Share
Available to Common Stockholders:
Net income available to common stockholders	$	2,503,000		$	2,424,000
Effect of assumed preferred stock conversion	—			—
Net income applicable to diluted earnings per share	$	2,503,000		$	2,424,000
Weighted average common shares outstanding	5,883,340			5,955,284
Dilutive potential common shares:
Assumed conversion of stock options	—			1,284
Restricted stock awarded	8,017			10,015
Assumed conversion of preferred stock	—			—
Dilutive potential common shares	8,017			11,299
Diluted weighted average common shares outstanding	5,891,357			5,966,583
Diluted earnings per common share	$	0.43		$	0.41

Anti-dilutive Securities

The following shares were not considered in computing diluted earnings per share for the three-month periods ended March 31, 2014 and 2013 because they were anti-dilutive:

	Three months ended March 31,
	2014	2013
Stock options to purchase shares of common stock	128,750	108,125
Average dilutive potential common shares associated with convertible preferred stock	2,494,790	2,494,801