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Earnings (loss) Per Share | 6 Months Ended
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Jun. 30, 2014
Earnings (loss) Per Share |
Earnings (loss) Per Share | Note 10 –Earnings Per Share The earnings per share – both basic and diluted – are included below as of June 30 (in thousands except for share data):
|  | Three Months Ended |  | Six Months Ended
|  | June 30, |  | June 30,
|  | 2014 |  | 2013 |  | 2014 |  | 2013
Basic earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common shares outstanding |  |  | 28,181,519 |  |  | 13,882,910 |  |  | 21,090,665 |  |  | 13,978,979
Weighted-average common shares less stock based awards |  |  | 28,181,519 |  |  | 13,867,910 |  |  | 21,086,438 |  |  | 13,907,463
Weighted-average common shares stock based awards |  |  | 179,874 |  |  | 209,868 |  |  | 174,522 |  |  | 209,968
Net income from operations |  | $ | 2,021 |  | $ | 3,477 |  | $ | 4,223 |  | $ | 8,948
Gain on preferred stock redemption |  |  | (1,348) |  |  | - |  |  | (1,348) |  |  | -
Dividends waived, net of dividends and accretion on preferred stock |  |  | (4,085) |  |  | 1,305 |  |  | (2,513) |  |  | 2,594
Net earnings available to common s tock holders |  |  | 7,454 |  |  | 2,172 |  |  | 8,084 |  |  | 6,354
Undistributed earnings |  |  | 7,454 |  |  | 2,172 |  |  | 8,084 |  |  | 6,354
Basic earnings per share common undistributed earnings |  |  | 0.26 |  |  | 0.15 |  |  | 0.38 |  |  | 0.45
Basic earnings per share |  | $ | 0.26 |  | $ | 0.15 |  | $ | 0.38 |  | $ | 0.45
Diluted earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common shares outstanding |  |  | 28,181,519 |  |  | 13,882,910 |  |  | 21,090,665 |  |  | 13,978,979
Dilutive effect of nonvested restricted awards 1 |  |  | 179,874 |  |  | 194,868 |  |  | 170,295 |  |  | 138,452
Diluted average common shares outstanding |  |  | 28,361,393 |  |  | 14,077,778 |  |  | 21,260,960 |  |  | 14,117,431
Net earnings available to common stockholders |  | $ | 7,454 |  | $ | 2,172 |  | $ | 8,084 |  | $ | 6,354
Diluted earnings per share |  | $ | 0.26 |  | $ | 0.15 |  | $ | 0.38 |  | $ | 0.45
Number of antidilutive options excluded from the diluted earnings per share calculation |  |  | 1,140,839 |  |  | 1,224,839 |  |  | 1,140,839 |  |  | 1,224,839
1 Includes the common stock equivalents for restricted share rights that are dilutive. |  |  |  |  |  |  |  |  |  |  |  |
The above earnings per share calculation did not include a warrant for 815,339 shares of common stock that was outstanding as of June 30, 2014, and June 30, 2013, because the warrant was anti-dilutive. Of note, the warrant was sold at aucti on by the U.S. Treasury in June 2013. The Company completed the redemption of 25,669 shares of its Series B Fixed Rate Cumulative Preferred Stock (the “Series B Stock”) in the quarter. As previously disclosed, the Company completed a public offering of 15,525,000 shares of common stock in April. Net proceeds of over $64.0 million were used to pay the accrued but unpaid interest on the Company’s trust preferred securities or junior subordinated debentures discussed in Note 8, the accumulated but unpaid dividends on the Series B Stock and to complete this redemption. The amount remaining after the completion of these transactions was retained at the Company for use in addressing general corporate matters. The redemption price for such Series B Stock was 94.75% of the liquidation value of the Series B Stock provided that the holders of shares entered into agreements to forebear payment of dividends due and to waive any rights to such dividend upon redemption. The Company redeemed all shares of Series B Stock held by directors of the Company on the same terms.

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