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Earnings Per Share | 9 Months Ended
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Sep. 30, 2014
Earnings Per Share |
Earnings (loss) Per Share | Note 10 – Earnings Per Share The earnings per share – both basic and diluted – are included below as of September 30 (in thousands except for share data):
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
|  | 2014 |  | 2013 |  | 2014 |  | 2013
Basic earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common shares outstanding |  |  | 29,442,508 |  |  | 13,885,884 |  |  | 23,905,205 |  |  | 13,947,606
Weighted-average common shares less stock based awards |  |  | 29,442,508 |  |  | 13,870,884 |  |  | 23,902,403 |  |  | 13,895,136
Weighted-average common shares stock based awards |  |  | 325,000 |  |  | 231,152 |  |  | 225,232 |  |  | 217,107
Net income from operations |  | $ | 2,924 |  | $ | 72,924 |  | $ | 7,147 |  | $ | 81,872
Gain on preferred stock redemption |  |  | - |  |  | - |  |  | (1,348) |  |  | -
Preferred stock dividends and accretion, net of dividends waived |  |  | 1,065 |  |  | 1,323 |  |  | (1,448) |  |  | 3,917
Net earnings available to common stockholders |  |  | 1,859 |  |  | 71,601 |  |  | 9,943 |  |  | 77,955
Undistributed earnings |  |  | 1,859 |  |  | 71,601 |  |  | 9,943 |  |  | 77,955
Basic earnings per share common undistributed earnings |  |  | 0.06 |  |  | 5.08 |  |  | 0.41 |  |  | 5.52
Basic earnings per share |  |  | 0.06 |  |  | 5.08 |  |  | 0.41 |  |  | 5.52
Diluted earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common shares outstanding |  |  | 29,442,508 |  |  | 13,885,884 |  |  | 23,905,205 |  |  | 13,947,606
Dilutive effect of nonvested restricted awards 1 |  |  | 325,000 |  |  | 216,152 |  |  | 222,430 |  |  | 164,637
Diluted average common shares outstanding |  |  | 29,767,508 |  |  | 14,102,036 |  |  | 24,127,635 |  |  | 14,112,243
Net earnings available to common stockholders |  | $ | 1,859 |  | $ | 71,601 |  | $ | 9,943 |  | $ | 77,955
Diluted earnings per share |  | $ | 0.06 |  | $ | 5.08 |  | $ | 0.41 |  | $ | 5.52
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 September 30, 2014, and September 30, 2013 because the warrant was anti-dilutive. Of note, the warrant was sold at auction by the Treasury in June 2013 to a third party investor. The Company completed the redemption of 25,669 shares of its Series B Stock in the second quarter of 2014. As previously disclosed, the Company completed a public offering of 15,525,000 shares of common stock in April of 2014. 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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