Earnings Per Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The following table provides detail for basic earnings per share (EPS) and diluted earnings per share for the years ended December 31, 2014, 2013 and 2012:

	Income (Numerator)		Shares (Denominator)	Per-Share Amount
For the year ended December 31, 2014
Net income as reported	$	14,709,000
Less dividends and amortization of premium on preferred stock	—
Basic EPS: Income available to common shareholders	14,709,000		10,638,527	$	1.38
Effect of dilutive securities: warrants and restricted stock			72,337
Diluted EPS: Income available to common shareholders plus assumed conversions	$	14,709,000	10,710,864	$	1.37
For the year ended December 31, 2013
Net income as reported	$	12,965,000
Less dividends and amortization of premium on preferred stock	384,000
Basic EPS: Income available to common shareholders	12,581,000		10,469,446	$	1.20
Effect of dilutive securities: warrants and restricted stock			51,609
Diluted EPS: Income available to common shareholders plus assumed conversions	$	12,581,000	10,521,055	$	1.20
For the year ended December 31, 2012
Net income as reported	$	12,688,000
Less dividends and amortization of premium on preferred stock	723,000
Basic EPS: Income available to common shareholders	11,965,000		9,828,925	$	1.22
Effect of dilutive securities: restricted stock			17,606
Diluted EPS: Income available to common shareholders plus assumed conversions	$	11,965,000	9,846,531	$	1.22

All earnings per share calculations have been made using the weighted average number of shares outstanding during the period. The dilutive securities are incentive stock options granted to certain key members of Management and warrants granted to the U.S. Treasury under the Capital Purchase Program. The dilutive number of shares has been calculated using the treasury method, assuming that all granted options and warrants were exercisable at the end of each period.

The following table presents the number of options and warrants outstanding as of December 31, 2014, 2013 and 2012 and the amount which are above or below the strike price:

	Outstanding	In-the-Money	Out-of-the-Money
As of December 31, 2014
Incentive stock options	42,000	—	42,000
Warrants issued to U.S. Treasury	225,904	225,904	—
Total dilutive securities	267,904	225,904	42,000
As of December 31, 2013
Incentive stock options	42,000	—	42,000
Warrants issued to U.S. Treasury	225,904	225,904	—
Total dilutive securities	267,904	225,904	42,000
As of December 31, 2012
Incentive stock options	42,000	—	42,000
Warrants issued to U.S. Treasury	225,904	—	225,904
Total dilutive securities	267,904	—	267,904