EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2013

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 7 — EARNINGS PER SHARE

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

	September 30, 2013						September 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	$	7,632		20,400,808			$	6,986		20,289,609
Redemption of preferred shares	(148		)				—
Preferred dividends and accretion	(99		)				(458		)
Net income available to common shareholders	$	7,385		20,400,808	$	0.36	$	6,528		20,289,609	$	0.32
Effect of dilutive stock options				51,013						57,989
Net income available to common shareholders and assumed conversions	$	7,385		20,451,821	$	0.36	$	6,528		20,347,598	$	0.32

Stock options for 290,146 common shares and stock warrants for 571,906 common shares in 2013 and stock options for 306,929 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.

	September 30, 2013						September 30, 2012
For the nine 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	$	18,947		20,363,514			$	19,979		20,253,560
Redemption of preferred shares	(148		)				1,302
Preferred dividends and accretion	(504		)				(1,694		)
Net income available to common shareholders	$	18,295		20,363,514	$	0.90	$	19,587		20,253,560	0.97
Effect of dilutive stock options				56,681						59,400
Net income available to common shareholders and assumed conversions	$	18,295		20,420,195	$	0.90	$	19,587		20,312,960	0.96

Stock options for 284,407 common shares and stock warrants for 571,906 common shares in 2013 and stock options for 286,943 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.