Earnings Per Common Share

9 Months Ended

Sep. 30, 2014

Earnings Per Common Share [Abstract]

Earnings Per Common Share

Note 4.  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, 2014
	Income			Shares (In thousands)		Per Share Amount
Basic and Diluted Earnings Per Common Share:
Net income	$	1,451			20,768
Less preferred stock dividends		(117	)		-
Net income applicable to common shareholders	$	1,334			20,768	$	.06

	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

	Nine Months Ended September 30, 2014
	Income			Shares (In thousands)		Per Share Amount
Basic and Diluted Earnings Per Common Share:
Net income	$	3,148			20,885
Less preferred stock dividends		(353	)		-
Net income applicable to common shareholders	$	2,795			20,885	$	.13

	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

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, 2014 since its impact would have been antidilutive.