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Earnings Per Share
 6 Months Ended
Jun. 30, 2011
Earnings Per Share  
Earnings Per Share
10. Earnings per Share

Net income per common share reflects application of the two-class method. The Company's Series B shareholders are currently entitled to participate in any dividends paid on shares of our common stock on a pro rata basis with the holders of our common stock. Under the two-class method, during periods of net income, participating securities are allocated a proportional share of net income. During periods of net loss, no effect is given to participating securities since they do not share in the losses of the Company. Participating securities have the effect of diluting both basic and diluted earnings per share during periods of net income.

Basic EPS excludes dilution for potential common stock issuances and is computed by dividing basic net income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the calculation of diluted EPS, the basic weighted average number of shares is increased by the dilutive effect of restricted stock units and common stock options using the treasury stock method.

 

The computation of basic and diluted earnings per share is as follows:

 

     Three Months Ended
June 30,		     Six Months Ended
June 30,		  
     2011     2010     2011     2010  
($ in thousands, except share data)                         

Net Income

    $ 3,196      $ 413      $ 7,533      $ 1,473   

Preferred stockholder dividends

      (704 )      (900 )      (1,408 )      (1,800 ) 

Allocation of earnings to preferred stockholders

      (449 )      —          (1,103 )      —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Income (Loss) Attributable to Common Stockholders

    $ 2,043      $ (487 )    $ 5,022      $ (327 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Basic:

         

Weighted-average number of shares outstanding

      6,238        5,854        6,238        5,843   

Earnings per share - basic

    $ 0.33      $ (0.08 )    $ 0.81      $ (0.06 ) 

Diluted:

         

Weighted-average number of shares outstanding

      6,238        5,854        6,238        5,843   

Plus: Incremental shares from assumed conversion of dilutive instruments

      649        —          660        —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted weighted-average number of shares outstanding

      6,887        5,854        6,898        5,843   
  

 

 

    

 

 

    

 

 

    

 

 

  

Earnings per share - diluted

    $ 0.30      $ (0.08 )    $ 0.73      $ (0.06 ) 

For the three and six months ended June 30, 2011, there were no non-participating securities (stock options) excluded from the above computations of weighted-average shares for diluted earnings per share. For the three months and six months ended June 30, 2010, non-participating securities (stock options) representing 390,442 shares of common stock were excluded from the above computations of weighted-average shares for diluted earnings per share because the effect would be antidilutive due to the net loss attributable to common stockholders for these periods.