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Earnings Per Share | 6 Months Ended
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Jun. 30, 2012
Earnings Per Share [Abstract] |
Earnings Per Share | Note 9 – Earnings Per Share Topic 260 of the FASB Accounting Standards Codification requires the Company to use the two-class method in computing basic earnings per share since holders of the Company’s restricted stock have the right to share in dividends, if declared, equally with common stockholders. These participating securities have the effect of diluting both basic and diluted earnings per share during periods of net income. A summary of the numerator and denominator of the basic and fully diluted earnings per common share is presented below (dollars and shares in thousands, except per share amounts):
|  | For the Three Months Ended June 30, 2012 |  |  | For the Three Months Ended June 30, 2011 |
|  | Income (Numerator) |  |  | Shares (Denominator) |  |  | Per-Share Amount |  |  | Income (Numerator) |  |  | Shares (Denominator) |  |  | Per-Share Amount |
Net income |  | $ | 7,262 |  |  |  | — |  |  |  |  |  |  | $ | 2,301 |  |  |  | — |  |  |  |  |
Less: Preferred stock dividends |  |  | (63 | ) |  |  | — |  |  |  |  |  |  |  | (361 | ) |  |  | — |  |  |  |  |
Less: Income attributable to participating securities |  |  | (87 | ) |  |  | — |  |  |  |  |  |  |  | — |  |  |  | — |  |  |  |  |
Basic Earnings Per Share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income allocated to common stockholders – basic earnings per share |  |  | 7,112 |  |  |  | 8,325 |  |  | $ | 0.85 |  |  |  | 1,940 |  |  |  | 6,071 |  |  | $ | 0.32 |
Effect of Dilutive Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | — |  |  |  | 215 |  |  |  |  |  |  |  | — |  |  |  | 411 |  |  |  |  |
Convertible preferred stock |  |  | 63 |  |  |  | 705 |  |  |  |  |  |  |  | 361 |  |  |  | 1,248 |  |  |  |  |
Warrants |  |  | — |  |  |  | 406 |  |  |  |  |  |  |  | — |  |  |  | — |  |  |  |  |
Diluted Earnings Per Share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income available to common stockholders and assumed conversions |  | $ | 7,175 |  |  |  | 9,651 |  |  | $ | 0.74 |  |  | $ | 2,301 |  |  |  | 7,730 |  |  | $ | 0.30 |
|  | For the Six Months Ended June 30, 2012 |  |  | For the Six Months Ended June 30, 2011 |
|  | Income (Numerator) |  |  | Shares (Denominator) |  |  | Per-Share Amount |  |  | Income (Numerator) |  |  | Shares (Denominator) |  |  | Per-Share Amount |
Net income |  | $ | 14,230 |  |  |  | — |  |  |  |  |  |  | $ | 3,094 |  |  |  | — |  |  |  |  |
Less: Preferred stock dividends |  |  | (244 | ) |  |  | — |  |  |  |  |  |  |  | (378 | ) |  |  | — |  |  |  |  |
Less: Income attributable to participating securities |  |  | (105 | ) |  |  | — |  |  |  |  |  |  |  | — |  |  |  | — |  |  |  |  |
Basic Earnings Per Share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income allocated to common stockholders – basic earnings per share |  |  | 13,881 |  |  |  | 7,326 |  |  | $ | 1.89 |  |  |  | 2,716 |  |  |  | 6,121 |  |  | $ | 0.44 |
Effect of Dilutive Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | — |  |  |  | 229 |  |  |  |  |  |  |  | — |  |  |  | 425 |  |  |  |  |
Convertible preferred stock |  |  | 244 |  |  |  | 956 |  |  |  |  |  |  |  | 378 |  |  |  | 669 |  |  |  |  |
Warrants |  |  | — |  |  |  | 303 |  |  |  |  |  |  |  | — |  |  |  | — |  |  |  |  |
Diluted Earnings Per Share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income available to common stockholders and assumed conversions |  | $ | 14,125 |  |  |  | 8,814 |  |  | $ | 1.60 |  |  | $ | 3,094 |  |  |  | 7,215 |  |  | $ | 0.43 |
For the three and six months ended June 30, 2011, 1,738,335 warrants to purchase 905,001 shares of common stock were excluded from the computation of diluted earnings per share because the exercise price of $9.10 exceeded the average market price of the Company’s common stock.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=16381557&loc=d3e4984-109258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688 + Details
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