Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2014

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 years ended December 31, 2014, 2013 and 2012 were as follows:



	2014			2013			2012
Basic Net Income per Common Share
Available to Common Stockholders:
Net income	$	15,461,000		$	14,722,000		$	14,025,000
Preferred stock dividends	(4,152,000		)	(4,417,000		)	(4,252,000		)
Net income available to common stockholders	11,309,000			10,305,000			9,773,000
Weighted average common shares outstanding	6,002,766			5,934,628			6,023,289
Basic earnings per common share	$	1.88		$	1.74		$	1.62
Diluted Net Income per Common Share
Available to Common Stockholders:
Net income available to common stockholders	$	11,309,000		$	10,305,000		$	9,773,000
Effect of assumed preferred stock conversion	4,152,000			—			—
Net income applicable to diluted earnings per share	15,461,000			10,305,000			9,773,000
Weighted average common shares outstanding	6,002,766			5,934,628			6,023,289
Dilutive potential common shares:
Assumed conversion of stock options	—			2,090			4,473
Restricted stock awarded	11,725			8,184			116
Assumed conversion of preferred stock	2,357,196			—			—
Dilutive potential common shares	2,368,921			10,274			4,589
Diluted weighted average common shares outstanding	8,371,687			5,944,902			6,027,878
Diluted earnings per common share	$	1.85		$	1.73		$	1.62

Anti-dilutive Securities

The following shares were not considered in computing diluted earnings per share for the years ended December 31, 2014, 2013 and 2012 because they were anti-dilutive:



	2014	2013	2012
Stock options to purchase shares of common stock	52,000	130,500	108,125
Average dilutive potential common shares associated with convertible preferred stock	—	2,494,801	2,290,110