Earnings Per Share

6 Months Ended

Jun. 30, 2016

EARNINGS PER SHARE

The computations of basic and diluted earnings per share follow:



	For the Three Months Ended June 30,
	2016					2015
Dollars in thousands, except per share amounts	Income (Numerator)		Common Shares (Denominator)	Per Share		Income (Numerator)		Common Shares (Denominator)	Per Share
Net income	$	4,243				$	4,010

Basic EPS	$	4,243	10,681,995	$	0.40	$	4,010	10,667,892	$	0.38

Effect of dilutive securities:
Stock options			9,008					8,582
Stock appreciation rights			10,014					—

Diluted EPS	$	4,243	10,701,017	$	0.40	$	4,010	10,676,474	$	0.38



	For the Six Months Ended June 30,
	2016					2015
Dollars in thousands, except per share amounts	Income (Numerator)		Common Shares (Denominator)	Per Share		Income (Numerator)		Common Shares (Denominator)	Per Share
Net income	$	8,305				$	8,294

Basic EPS	$	8,305	10,676,925	$	0.78	$	8,294	9,747,042	$	0.85

Effect of dilutive securities:
Stock options			8,365					8,574
Stock appreciation rights			—					—
Series 2011 convertible preferred stock	—		—			—		575,953
Series 2009 convertible preferred stock	—		—			—		253,842

Diluted EPS	$	8,305	10,685,290	$	0.78	$	8,294	10,585,411	$	0.78

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, 2016 and 2015 totaled 57,000 shares and 136,900 shares, respectively, and our anti-dilutive SARs for the six months ended June 30, 2016 and both the three and six months ended June 30, 2015 were 166,717.