EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2014

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 7 - EARNINGS PER SHARE

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

	September 30, 2014					September 30, 2013
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	$	8,457	20,459,709			$	7,632		20,400,808
Redemption of preferred shares	—					(148		)
Preferred dividends and accretion	—					(99		)
Net income available to common shareholders	$	8,457	20,459,709	$	0.41	$	7,385		20,400,808	$	0.36
Effect of dilutive warrants			72,978						—
Effect of dilutive stock options			68,757						51,013
Net income available to common shareholders and assumed conversions	$	8,457	20,601,444	$	0.41	$	7,385		20,451,821	$	0.36

Stock options for 123,964 common shares in 2014 and stock options for 290,146 common shares and stock warrants for 571,906 common shares in 2013 were not considered in computing diluted earnings per share because they were antidilutive.

	September 30, 2014					September 30, 2013
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	$	22,436	20,448,054			$	18,947		20,363,514
Redemption of preferred shares						(148		)
Preferred dividends and accretion	—					(504		)
Net income available to common shareholders	$	22,436	20,448,054	$	1.10	$	18,295		20,363,514	$	0.90
Effect of dilutive warrants			67,184						—
Effect of dilutive stock options			66,102						56,681
Net income available to common shareholders and assumed conversions	$	22,436	20,581,340	$	1.09	$	18,295		20,420,195	$	0.90

Stock options for 176,211 common shares in 2014 and stock options for 284,407 common shares and stock warrants for 571,906 common shares in 2013 were not considered in computing diluted earnings per share because they were antidilutive.