EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2013

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 7 - EARNINGS PER SHARE

Earnings per common share (EPS) were computed as follows:

	June 30, 2013					June 30, 2012
For the three months ended:	Net Income			Weighted Average Shares	Per Share Amount	Net Income			Weighted Average Shares	Per Share Amount
Basic earnings per common share:
Net income	$	7,324		20,372,614		$	6,982		20,258,692
Redemption of preferred shares	—					60
Preferred dividends and accretion	(203		)			(473		)
Net income available to common shareholders	$	7,121		20,372,614	0.35	$	6,569		20,258,692	$	0.32
Effect of dilutive stock options				55,504					61,118
Net income available to common shareholders and assumed conversions	$	7,121		20,428,118	0.35	$	6,569		20,319,810	$	0.32

Stock options for 298,975 common shares and stock warrants for 571,906 common shares in 2013 and stock options for 296,972 common shares and stock warrants for 571,906 common shares in 2012 were not considered in computing diluted earnings per share because they were antidilutive.

	June 30, 2013					June 30, 2012
For the six months ended:	Net Income			Weighted Average Shares	Per Share Amount	Net Income			Weighted Average Shares	Per Share Amount
Basic earnings per common share:
Net income	$	11,315		20,344,557		$	12,993		20,235,338
Redemption of preferred shares	—					1,302
Preferred dividends and accretion	(405		)			(1,236		)
Net income available to common shareholders	$	10,910		20,344,557	0.54	$	13,059		20,235,338	0.65
Effect of dilutive stock options				58,912					57,622
Net income available to common shareholders and assumed conversions	$	10,910		20,403,469	0.53	$	13,059		20,292,960	0.64

Stock options for 278,255 common shares and stock warrants for 571,906 common shares in 2013 and stock options for 274,313 common shares and stock warrants for 571,906 common shares in 2012 were not considered in computing diluted earnings per share because they were antidilutive.