Earnings Per Common Share

9 Months Ended

Sep. 30, 2013

Earnings Per Common Share [Abstract]

Earnings Per Common Share

Note 6.  Earnings Per Common Share

A reconciliation of the numerator and denominator used in the earnings per common share calculations is as follows:

	Three Months Ended September 30, 2013
	Income			Shares (In thousands)		Per Share Amount
Basic Earnings Per Common Share:
Net income	$	2,680			21,299
Less preferred stock dividends		(118	)		-
Net income applicable to common shareholders		2,562			21,299	$	.12
Diluted Earnings Per Common Share:
Effect of Series D preferred stock		118			1,629
Net income applicable to common shareholders	$	2,680			22,928	$	.12

	Three Months Ended September 30, 2012
	Income			Shares (In thousands)		Per Share Amount
Basic Earnings Per Common Share:
Net income	$	1,084			21,212
Less preferred stock dividends		(127	)		-
Net income applicable to common shareholders		957			21,212	$	.05
Diluted Earnings Per Common Share:
Effect of dilutive stock options		-			76
Net income applicable to common shareholders	$	957			21,288	$	.04

	Nine Months Ended September 30, 2013
	Income			Shares (In thousands)		Per Share Amount
Basic Earnings Per Common Share:
Net income	$	9,562			21,250
Less preferred stock dividends		(364	)		-
Net income applicable to common shareholders		9,198			21,250	$	.43
Diluted Earnings Per Common Share:
Effect of dilutive stock options		-			19
Effect of Series D preferred stock		364			1,629
Net income applicable to common shareholders	$	9,562			22,898	$	.42

	Nine Months Ended September 30, 2012
	Income			Shares (In thousands)		Per Share Amount
Basic Earnings Per Common Share:
Net income	$	3,522			21,253
Less preferred stock dividends		(381	)		-
Net income applicable to common shareholders		3,141			21,253	$	.15
Diluted Earnings Per Common Share:
Effect of dilutive stock options		-			66
Net income applicable to common shareholders	$	3,141			21,319	$	.15

The assumed conversion of the Company’s Series D preferred stock was excluded from the earnings per common share calculation for the three month and nine month periods ended September 30, 2012 since its impact would have been antidilutive.