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Earnings Per Share | 9 Months Ended
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Sep. 30, 2015
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 September 30, |  | Nine Months Ended September 30,
|  | 2015 |  | 2014 |  | 2015 |  | 2014
Basic earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common shares outstanding |  |  | 29,478,429 |  |  | 29,442,508 |  |  | 29,474,833 |  |  | 23,905,205
Weighted-average common shares less stock based awards |  |  | 29,478,429 |  |  | 29,442,508 |  |  | 29,474,833 |  |  | 23,902,403
Weighted-average common shares stock based awards |  |  | - |  |  | 325,000 |  |  | - |  |  | 225,232
Net income |  | $ | 3,924 |  | $ | 2,924 |  | $ | 11,552 |  | $ | 7,147
Gain on preferred stock redemption |  |  | - |  |  | - |  |  | - |  |  | (1,348)
Preferred stock dividends and accretion, net of dividends waived |  |  | 339 |  |  | 1,065 |  |  | 1,873 |  |  | (1,448)
Net earnings available to common stockholders |  |  | 3,585 |  |  | 1,859 |  |  | 9,679 |  |  | 9,943
Basic earnings per share common undistributed earnings |  |  | N/A |  |  | 0.06 |  |  | N/A |  |  | 0.41
Basic earnings per share |  |  | 0.12 |  |  | 0.06 |  |  | 0.33 |  |  | 0.41
Diluted earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common shares outstanding |  |  | 29,478,429 |  |  | 29,442,508 |  |  | 29,474,833 |  |  | 23,905,205
Dilutive effect of nonvested restricted awards 1 |  |  | 268,000 |  |  | 325,000 |  |  | 249,401 |  |  | 222,430
Diluted average common shares outstanding |  |  | 29,746,429 |  |  | 29,767,508 |  |  | 29,724,234 |  |  | 24,127,635
Net earnings available to common stockholders |  | $ | 3,585 |  | $ | 1,859 |  | $ | 9,679 |  | $ | 9,943
Diluted earnings per share |  | $ | 0.12 |  | $ | 0.06 |  | $ | 0.33 |  | $ | 0.41
Number of antidilutive options and warrants excluded from the diluted earnings per share calculation |  |  | 1,044,339 |  |  | 1,140,839 |  |  | 1,044,339 |  |  | 1,140,839
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, at an exercise price of $13.43 per share, that was outstanding as of September 30, 2015, and September 30, 2014, 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 Fixed Rate Cumulative Perpetual Preferred Stock, Series B (the “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 the 2014 redemption of the Series B Stock. 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 shares and the holders of the redeemed shares agreed to forebear payment of dividends due and waived 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. On January 31, 2015, the Company redeemed 15,778 shares of its Series B Stock at a redemption price equal to the stated liquidation value of $1,000 per share, together with accrued and unpaid dividends accumulated to, but excluding, the redemption date. As of December 30, 2014, there were 47,331 shares of the Series B Stock outstanding, and redeeming one-third of the Series B Stock resulted in the redemption of 15,778 shares of Series B Stock. The redemption was successfully completed in the first quarter. In July 2015, the Company announced that it would redeem the remaining 31,553 outstanding shares of Series B Stock on August 14, 2015 at the redemption price, equal to the stated liquidation value of $1,000 per share, together with any accrued and unpaid dividends accumulated to, but excluding, the redemption date. The redemption was successfully completed in the third quarter. As of September 30, 2015, no shares of the Series B Stock remained outstanding. Please see the Capital section of Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations capital section for further information on this topic.

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