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Earnings Per Share
 6 Months Ended
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.