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Earnings Per Share
 3 Months Ended
Mar. 31, 2014
Earnings Per Share [Abstract]  
Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOTE 7: EARNINGS PER SHARE 

 

Earnings per common share is computed using the two-class method prescribed by ASC 260, Earnings Per Share.  Using the two-class method, basic earnings per common share is computed based upon net income divided by the weighted average number of common shares outstanding during each period, which excludes outstanding unvested restricted stock.  Diluted earnings per share is computed using the weighted average number of common shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method. 

 

The following table shows the computation of basic and diluted earnings per common share: 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months

 

ended March 31,

(Dollars in thousands, except earnings per share data)

2014

 

2013

Numerator:

 

 

 

 

 

Net income

$
3,691 

 

$
2,389 

Earnings allocated to participating securities

 
(40)

 

 
(17)

Numerator for basic earnings per common share

$
3,651 

 

$
2,372 

Effect of reallocating undistributed earnings

 

 

 

 

 

of participating securities

 
40 

 

 
17 

Numerator for diluted earnings per common share

$
3,691 

 

$
2,389 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

Denominator for basic earnings per common share

 
19,526,351 

 

 
19,451,490 

Dilutive effect of stock compensation

 
244,623 

 

 

 -

Denominator for diluted earnings per common share

 
19,770,974 

 

 
19,451,490 

Earnings per common share:

 

 

 

 

 

Basic

$
0.19 

 

$
0.12 

Diluted

$
0.19 

 

$
0.12