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Earnings Per Share
 9 Months Ended
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 awards1

 

 
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.