Earnings Per Common Share

3 Months Ended

Mar. 31, 2015

Earnings Per Common Share [Abstract]

Earnings Per Common Share

7. 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 March 31,
	2015		2014
Net earnings available to common shareholders	$	1,318	$	6,678
Dividends on Series C preferred stock		-		100
Adjusted net earnings available to common shareholders	$	1,318	$	6,778
Weighted average number of common shares outstanding used in computation of basic earnings per common share		11,318		11,258
Effect of dilutive securities:
Stock options		29		74
Convertible preferred stock and warrants		4		547
Weighted average number of common shares outstanding plus effect of dilutive securities – used in computation of diluted earnings per share		11,351		11,879

Options to acquire 134,822 and 18,003 shares of common stock were not included in computing diluted earnings per share for the quarters ended March 31, 2015 and 2014, respectively, because the effects of these shares were anti-dilutive as a result of the exercise price of such options.  518,086 shares issuable upon the conversion of outstanding convertible preferred stock were anti-dilutive and not included in the computation of diluted earnings per shares for the three months ended March 31, 2015.