Earnings Per Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Earnings Per Share

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 three-month period ended March 31, 2015 and 2014 were as follows:

	Three months ended March 31,
	2015			2014
Basic Net Income per Common Share
Available to Common Stockholders:
Net income	$	4,039,000		$	3,607,000
Preferred stock dividends	(550,000		)	(1,104,000		)
Net income available to common stockholders	$	3,489,000		$	2,503,000
Weighted average common shares outstanding	7,024,678			5,883,340
Basic earnings per common share	$	0.50		$	0.43
Diluted Net Income per Common Share
Available to Common Stockholders:
Net income available to common stockholders	$	3,489,000		$	2,503,000
Effect of assumed preferred stock conversion	550,000			—
Net income applicable to diluted earnings per share	$	4,039,000		$	2,503,000
Weighted average common shares outstanding	7,024,678			5,883,340
Dilutive potential common shares:
Assumed conversion of stock options	—			—
Restricted stock awarded	9,382			8,017
Assumed conversion of preferred stock	1,355,348			—
Dilutive potential common shares	1,364,730			8,017
Diluted weighted average common shares outstanding	8,389,408			5,891,357
Diluted earnings per common share	$	0.48		$	0.43

The following shares were not considered in computing diluted earnings per share for the three-month periods ended March 31, 2015 and 2014 because they were anti-dilutive:

	Three months ended March 31,
	2015	2014
Stock options to purchase shares of common stock	52,000	128,750
Average dilutive potential common shares associated with convertible preferred stock	—	2,494,790