Earnings Per Common Share

9 Months Ended

Sep. 30, 2015

Following is a summary of the information used in the computation of earnings per common share (in thousands):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
Net earnings available to common shareholders	$	2,417	$	4,298	$	8,662	$	14,922
Dividends on Series C preferred stock	92		94		277		284
Adjusted net earnings available to common shareholders	$	2,509	$	4,392	$	8,939	$	15,206
Weighted average number of common shares outstanding used in computation of basic earnings per common share	11,312		11,314		11,321		11,283
Effect of dilutive securities:
Stock options	12		92		20		77
Convertible preferred stock and warrants	507		549		507		544
Weighted average number of common shares outstanding plus effect of dilutive securities – used in computation of diluted earnings per share	11,831		11,955		11,848		11,904

Options and warrants on 234,206 shares of common stock and 11,250 shares of restricted stock were not included in computing diluted earnings per share for the quarter and nine months ended September 30, 2015 because the effects of these shares were anti-dilutive as a result of the exercise price of such options. Options to acquire 7,355 and 24,855 shares of common stock were not included in computing diluted earnings per share for the quarter and nine months ended September 30, 2014, respectively, because the effects of these shares were anti-dilutive as a result of the exercise price of such options.