Earnings Per Common Share

12 Months Ended

Dec. 31, 2013

Earnings Per Common Share [Abstract]

Earnings Per Common Share

Note 11. Earnings Per Common Share

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

	For the Year Ended December 31, 2013
	Income			Shares (In thousands)		Per Share Amount
Basic Earnings Per Common Share
Net income before preferred stock dividends	$	11,022			21,236
Less preferred stock dividends		(482	)		-
Net income applicable to common shareholders		10,540			21,236	$	.50
Diluted Earnings Per Common Share
Effect of dilutive stock options		-			10
Effect of Series D Preferred Stock		482			1,629
Net income applicable to common shareholders	$	11,022			22,875	$	.48

	For the Year Ended December 31, 2012
	Income			Shares (In thousands)		Per Share Amount
Basic Earnings Per Common Share
Net income before preferred stock dividends	$	4,436			21,222
Less preferred stock dividends		(508	)		-
Net income applicable to common shareholders		3,928			21,222	$	.19
Diluted Earnings Per Common Share
Effect of dilutive stock options		-			67
Net income applicable to common shareholders	$	3,928			21,289	$	.18

The assumed conversion of the Company’s Series D Preferred Stock was excluded from the earnings per common share calculation for 2012 since its impact would have been antidilutive.