EARNINGS PER SHARE

Basic earnings per common share data is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Common shares outstanding include common stock and restricted stock awards where recipients have satisfied the vesting terms. Diluted earnings per common share gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and the if-converted method for convertible trust preferred securities.

The following table presents a summary of per common share data and amounts for the periods indicated.



	Three months ended September 30,					Nine months ended September 30,
(in thousands, except per share data)	2013		2012			2013		2012
Net income as reported	$	8,410	$	7,930		$	29,483	$	22,881
Preferred stock dividend	—		(436		)	—		(1,312		)
Accretion of preferred stock discount	—		(212		)	—		(621		)
Net income available to common shareholders	$	8,410	$	7,282		$	29,483	$	20,948

Impact of assumed conversions
Interest on 9% convertible trust preferred securities, net of income tax	217		371			926		1,113
Net income available to common shareholders and assumed conversions	$	8,627	$	7,653		$	30,409	$	22,061

Weighted average common shares outstanding	18,779		17,876			18,288		17,829
Incremental shares from assumed conversions of convertible trust preferred securities	851		1,439			1,241		1,439
Additional dilutive common stock equivalents	200		100			153		34
Weighted average diluted common shares outstanding	19,830		19,415			19,682		19,302

Basic earnings per common share:	$	0.45	$	0.41		$	1.61	$	1.17
Diluted earnings per common share:	$	0.44	$	0.39		$	1.55	$	1.14

For the three months ended September 30, 2013 and 2012, the amount of common stock equivalents that were excluded from the earnings per share calculations because their effect was anti-dilutive was 474,267, and 1.0 million common stock equivalents (including 324,074 common stock warrants), respectively. For the nine months ended September 30, 2013 and 2012, the amount of common stock equivalents that were excluded from the earnings per share calculations because their effect was anti-dilutive was 488,318 (including 9,497 average common stock warrants), and 1.0 million common stock equivalents (including 324,074 common stock warrants), respectively.