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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2012

Summary of numerator and denominator of the basic and fully diluted earnings per common share

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