Earnings Per Share

6 Months Ended

Jun. 30, 2015

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 June 30,
	2015					2014
Dollars in thousands, except per share amounts	Income (Numerator)		Common Shares (Denominator)	Per Share		Income (Numerator)			Common Shares (Denominator)	Per Share
Net income	$	4,010				$	2,432
Less preferred stock dividends	—					(193		)
Basic EPS	$	4,010	10,667,892	$	0.38	$	2,239		7,457,222	$	0.30
Effect of dilutive securities:
Stock options			8,582						9,607
Series 2011 convertible preferred stock	—		—			119			1,489,250
Series 2009 convertible preferred stock	—		—			74			674,545
Diluted EPS	$	4,010	10,676,474	$	0.38	$	2,432		9,630,624	$	0.25

	For the Six Months Ended June 30,
	2015					2014
Dollars in thousands, except per share amounts	Income (Numerator)		Common Shares (Denominator)	Per Share		Income (Numerator)			Common Shares (Denominator)	Per Share
Net income	$	8,294				$	4,822
Less preferred stock dividends	—					(387		)
Basic EPS	$	8,294	9,747,042	$	0.85	$	4,435		7,455,307	$	0.59
Effect of dilutive securities:
Stock options			8,574						9,675
Series 2011 convertible preferred stock	—		575,953			238			1,490,228
Series 2009 convertible preferred stock	—		253,842			149			674,545
Diluted EPS	$	8,294	10,585,411	$	0.78	$	4,822		9,629,755	$	0.50

Stock option and stock appreciation right (SAR) 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 June 30,2015 and 2014 totaled 136,900 shares and 143,000 shares, respectively and our anti-dilutive SARs at June 30,2015 were 166,717.