XML 18 R18.htm IDEA: XBRL DOCUMENT v2.4.0.8
EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2013
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE
 
The following table sets forth the computation of basic and diluted earnings per share:
 

Three Months Ended 
 September 30
 
Nine Months Ended 
 September 30
 
2013

2012

2013

2012
 
(in thousands, except share and per share data)
Basic
 

 
 

 
 

 
 

Numerator:
 

 
 

 
 

 
 

Net income
$
13,982

 
$
6,518

 
$
5,465

 
$
197

Effect of unvested restricted stock awards
(585
)
 
(309
)
 
(243
)
 
(113
)
Adjusted net income
$
13,397

 
$
6,209

 
$
5,222

 
$
84

Denominator:
 

 
 

 
 

 
 

Weighted-average shares
25,736,810

 
25,613,315

 
25,690,184

 
25,535,969

Earnings per common share
$
0.52

 
$
0.24

 
$
0.20

 
$
—

Diluted
 

 
 

 
 

 
 

Numerator:
 

 
 

 
 

 
 

Net income
$
13,982

 
$
6,518

 
$
5,465

 
$
197

Effect of unvested restricted stock awards
(585
)
 
(309
)
 
(243
)
 
(113
)
Adjusted net income
$
13,397

 
$
6,209

 
$
5,222

 
$
84

Denominator:
 

 
 

 
 

 
 

Weighted-average shares
25,736,810

 
25,613,315

 
25,690,184

 
25,535,969

Effect of dilutive securities
—

 
—

 
—

 
—

Adjusted weighted-average shares and assumed conversions
25,736,810

 
25,613,315

 
25,690,184

 
25,535,969

Earnings per common share
$
0.52

 
$
0.24

 
$
0.20

 
$
—


 
Under the two-class method of calculating earnings per share, dividends paid and a portion of undistributed net income, but not losses, are allocated to unvested restricted stock and restricted stock units, which are considered participating securities. For the three and nine months ended September 30, 2013, outstanding stock awards of 0.8 million and for the three and nine months ended September 30, 2012, outstanding stock awards of 0.9 million and 0.5 million, respectively, were not included in the diluted earnings per share calculation because their inclusion would have the effect of increasing the earnings per share.