Net Income per Share of Common Stock

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Net Income per Share of Common Stock

Net Income per Share of Common Stock

The following table sets forth the computation of basic and diluted earnings per share:

Year ended December 31, (dollars in thousands, except earnings per share)	2014		2013		2012
Numerator for earnings per share:
Net income that is available to common shareholders	$	4,963	$	28,459	$	6,966
Denominator for basic earnings per share:
Weighted average shares outstanding	21,716,288		21,216,780		20,875,959
Denominator for diluted earnings per share:
Effect of stock options and restricted stock units	467,249		525,393		439,252
Adjusted weighted average shares and assumed conversions	22,183,537		21,742,173		21,315,211
Basic earnings per share	$	0.23	$	1.34	$	0.33
Diluted earnings per share	$	0.22	$	1.31	$	0.33
Shares excluded from diluted earnings per share due to:
Inclusion would have been anti-dilutive (excluded from calculation)	168,557		202,375		649,614

When applicable, diluted shares outstanding include the dilutive impact of restricted stock units. Diluted shares also include the impact of eligible employee stock options, which are calculated based on the average share price for each fiscal period using the treasury stock method. Under the treasury stock method, the tax-effected proceeds that hypothetically would be received from the exercise of all in-the-money options are assumed to be used to repurchase shares.