Earnings per Common Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 4. Earnings per Common Share

Basic earnings per common share (“EPS”) is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding. Diluted EPS includes any additional common shares as if all potentially dilutive common shares were issued (e.g., stock options). The Corporation’s weighted average common shares outstanding for diluted EPS include the effect of stock options and restricted stock awards outstanding using the Treasury Stock Method, which are not included in the calculation of basic EPS.

Earnings per common share have been computed as follows:

	Three Months Ended September 30,						Nine Months Ended  September 30,
(in thousands, except share amounts)	2014			2013			2014			2013
Net income	$	1,766		$	5,094		$	10,542		$	14,941
Preferred stock dividends		(28	)		(28	)		(84	)		(112	)
Net income available to common stockholders	$	1,738		$	5,066		$	10,458		$	14,829
Basic weighted average common shares outstanding		29,636,001			16,349,480			20,819,241			16,348,875
Effect of dilutive options		472,102			35,675			466,211			32,095
Diluted weighted average common shares outstanding		30,108,103			16,385,155			21,285,452			16,380,970
Earnings per common share:
Basic	$	0.06		$	0.31		$	0.50		$	0.91
Diluted		0.06			0.31			0.49			0.91