XML 56 R17.htm IDEA: XBRL DOCUMENT v2.4.0.8
Earnings (loss) Per Share
 6 Months Ended
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 stockholders

 

 
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 awards1

 

 
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 auction 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.