Earnings Per Common Share

9 Months Ended

Sep. 30, 2014

Earnings Per Common Share [Abstract]

Earnings Per Common Share

Note 2 – Earnings Per Common Share

Basic earnings per common share is derived by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period and does not include the effect of any potentially dilutive common stock equivalents.  Diluted earnings per share is derived by dividing net income available to common shareholders by the weighted-average number of shares outstanding, adjusted for the dilutive effect of outstanding common stock equivalents.  There is no dilutive effect on earnings per share during loss periods.  No common stock equivalents were outstanding during the nine- and three- month periods ended September 30, 2014 or 2013. 

The following table sets forth the calculation of basic and diluted earnings per common share for the nine- and three-month periods ended September 30, 2014 and 2013:

	Nine Months Ended September 30,
	2014					2013
			Average	Per Share				Average	Per Share
(in thousands, except for per share amount)	Income		Shares	Amount		Income		Shares	Amount
Basic and Diluted Earnings Per Share:
Net income	$	3,938				$	5,600
Preferred stock dividends		(1,919)					(1,274)
Discount accretion on preferred stock		(6)					(52)
Net income available to common shareholders	$	2,013	6,220	$	0.32	$	4,274	6,206	$	0.69

	Three Months Ended September 30,
	2014					2013
			Average	Per Share				Average	Per Share
(in thousands, except for per share amount)	Income		Shares	Amount		Income		Shares	Amount
Basic and Diluted Earnings Per Share:
Net income	$	1,340				$	1,836
Preferred stock dividends deferred		(675)					(430)
Discount accretion on preferred stock		0					(18)
Net income available to common shareholders	$	665	6,228	$	0.10	$	1,388	6,211	$	0.22