Earnings Per Common Share

9 Months Ended

Sep. 30, 2014

Earnings Per Common Share [Abstract]

Earnings Per Common Share

5.  Earnings Per Common Share

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,
	2014		2013		2014		2013
Net earnings available to common shareholders	$	4,298	$	3,072	$	14,922	$	9,479
Dividends on Series C preferred stock		94		100		284		300
Adjusted net earnings available to common shareholders	$	4,392	$	3,172	$	15,206	$	9,779
Weighted average number of common shares outstanding used in computation of basic earnings per common share		11,314		11,253		11,283		11,243
Effect of dilutive securities:
Stock options		92		51		77		47
Convertible preferred stock		549		565		545		563
Weighted average number of common shares outstanding plus effect of dilutive securities – used in computation of diluted earnings per share		11,955		11,869		11,904		11,853

Options to acquire 7,355 and 134,611 shares of common stock were not included in computing diluted earnings per share for the quarters ended September 30, 2014 and 2013, respectively, because the effects of these shares were anti-dilutive as a result of the exercise price of such options.  Options to acquire 24,855 and 134,611 shares of common stock were not included in computing diluted earnings per share for the nine months ended September 30, 2014 and 2013, respectively, because the effects of these shares were anti-dilutive as a result of the exercise price of such options.