Earnings Per Share

6 Months Ended

Jun. 30, 2016

Earnings Per Share

Earnings Per Share

Note 9. Earnings Per Share

The following tables set forth the number of shares used in the calculation of both basic and diluted earnings per common share:

	For the Three Months Ended June 30,
	2016			2015
	Net Income		Shares	Net Income		Shares
	(dollars in thousands, except per share data)
Net income	$	4,215		$	3,800
Accretion on preferred stock	-			(70)
Net income allocated to participating securities	(25)			(21)
Net income allocated to common shareholders	$	4,190		$	3,709
Weighted average shares outstanding			33,998,644			34,105,192
Basic earnings per common share	$	0.12		$	0.11
Dilutive effect of share-based compensation awards			142,342			144,399
Weighted average diluted shares outstanding			34,140,986			34,249,591
Diluted earnings per common share	$	0.12		$	0.11

	For the Six Months Ended June 30,
	2016			2015
	Net Income		Shares	Net Income		Shares
	(dollars in thousands, except per share data)
Net income	$	8,200		$	7,869
Accretion on preferred stock	-			(70)
Net income allocated to participating securities	(43)			(45)
Net income allocated to common shareholders	$	8,157		$	7,754
Weighted average shares outstanding			34,047,511			34,086,786
Basic earnings per common share	$	0.24		$	0.23
Dilutive effect of share-based compensation awards			129,076			150,109
Weighted average diluted shares outstanding			34,176,587			34,236,895
Diluted earnings per common share	$	0.24		$	0.23

For the three and six months ended June 30, 2016 and 2015, common stock equivalents associated primarily with stock options, totaling approximately 65,000 shares and 99,000 shares, and 88,000 shares and 408,000 shares, respectively, were excluded from the calculation of diluted earnings per share, as their impact would be anti-dilutive.