Earnings per Common Share

9 Months Ended

Sep. 30, 2013

Earnings per Common Share [Abstract]

Earnings per Common Share

Note 2.  Earnings per Common Share

Basic earnings per common share (“EPS”) is computed by dividing income available to common shareholders 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. Anti-dilutive stock option and restricted stock award shares outstanding were 29,248 and 30,610, respectively, for the three and nine months ended September 30, 2013, and anti-dilutive stock option shares outstanding were 20,838 and 75,208, respectively, for the three and nine months ended September 30, 2012.

Earnings per common share have been computed based on the following:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in thousands, except per share amounts)	2013		2012		2013		2012
Net income	$	5,094	$	4,454	$	14,941	$	13,038
Preferred stock dividends		(28)		(28)		(112)		(253)
Net income available to common shareholders	$	5,066	$	4,426	$	14,829	$	12,785
Basic weighted average common shares outstanding		16,349		16,347		16,349		16,338
Plus: effect of dilutive options		36		16		32		9
Diluted weighted average common shares outstanding		16,385		16,363		16,381		16,347
Earnings per common share:
Basic	$	0.31	$	0.27	$	0.91	$	0.78
Diluted	$	0.31	$	0.27	$	0.91	$	0.78