Earnings Per Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

The computations of basic and diluted earnings per share follow:

	For the Three Months Ended September 30,
	2014						2013
Dollars in thousands, except per share amounts	Income (Numerator)			Common Shares (Denominator)	Per Share		Income (Numerator)			Common Shares (Denominator)	Per Share
Net income	$	3,336					$	2,272
Less preferred stock dividends	(193		)				(194		)
Basic EPS	$	3,143		7,457,222	$	0.42	$	2,078		7,443,865	$	0.28
Effect of dilutive securities:
Stock options				9,276						7,819
Series 2011 convertible preferred stock	119			1,489,250			120			1,495,728
Series 2009 convertible preferred stock	74			674,545			74			674,545
Diluted EPS	$	3,336		9,630,293	$	0.35	$	2,272		9,621,957	$	0.24

	For the Nine Months Ended September 30,
	2014						2013
Dollars in thousands, except per share amounts	Income (Numerator)			Common Shares (Denominator)	Per Share		Income (Numerator)			Common Shares (Denominator)	Per Share
Net income	$	8,158					$	5,282
Less preferred stock dividends	(580		)				(582		)
Basic EPS	$	7,578		7,455,952	$	1.02	$	4,700		7,438,216	$	0.63
Effect of dilutive securities:
Stock options				9,547						7,316
Series 2011 convertible preferred stock	357			1,489,898			359			1,498,251
Series 2009 convertible preferred stock	223			674,545			223			674,545
Diluted EPS	$	8,158		9,629,942	$	0.85	$	5,282		9,618,328	$	0.55

Stock option grants and the convertible preferred shares are disregarded in this computation if they are determined to be anti-dilutive.  Our anti-dilutive stock options at September 30,2014 and 2013 totaled 143,000 shares and 170,500 shares, respectively.