Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER COMMON SHARE (Tables)

v2.4.0.8
EARNINGS PER COMMON SHARE (Tables)
9 Months Ended
Sep. 30, 2014
Earnings Per Share [Abstract]  
Computation of basic and diluted earnings per common share
Computations of basic and diluted earnings per common share of the Company were as follows (in thousands, except share and per share data):
 
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
 
2014
 
2013
 
2014
 
2013
Net income attributable to common shares(1)
 
$
4,213

 
$
5,136

 
$
13,752

 
$
16,092

Shares:
 
 
 
 
 
 
 
 
Weighted average number of common shares outstanding—basic
 
20,098,239

 
19,918,876

 
20,039,609

 
20,426,277

Assumed conversion of Series A Preferred Stock (2)
 

 

 

 

Net effect of dilutive stock options and restricted stock awards based on the treasury stock method (3)
 
65,751

 
41,577

 
68,790

 
37,518

Weighted average number of common shares outstanding—diluted
 
20,163,990

 
19,960,453

 
20,108,399

 
20,463,795

 
 
 
 
 
 
 
 
 
Earnings per common share:
 
 
 
 
 
 
 
 
Basic
 
$
0.21

 
$
0.26

 
$
0.69

 
$
0.79

Diluted
 
$
0.21

 
$
0.26

 
$
0.68

 
$
0.79

____________________
(1)
Excludes net income attributable to unvested restricted common shares of $53 and $68 for the three months ended September 30, 2014 and 2013, respectively, and $180 and $140 for the nine months ended September 30, 2014 and 2013, respectively.
(2)
Excludes weighted average common shares of 0 for the three months ended September 30, 2014 and 2013 and 0 and 905,430 for the nine months ended September 30, 2014 and 2013, respectively, that were issuable upon the conversion of Series A preferred stock as the effect of their inclusion in the computation would have been antidilutive.
(3)
Excludes weighted average common shares of 45,000 and 207,560 for the three months ended September 30, 2014 and 2013, respectively, and 31,978 and 139,562 for the nine months ended September 30, 2014 and 2013, respectively, for certain share awards as the effect of their inclusion would have been antidilutive.