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Earnings Per Share Earnings Per Share
 3 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE
Earnings per share for the three months ended March 31, 2012 and March 31, 2013 is calculated based on the weighted average number of common and common equivalent shares outstanding during the periods. The following table sets forth the computation of the basic and diluted earnings per share for the three months ended March 31, 2012 and March 31, 2013: 
 
For the three months ended March 31,
 
2012
 
2013
 
 
Net income
$
4,459

 
$
5,258

Net income allocated to non-vested share awards
(110
)
 
(118
)
Preferred stock dividend
(4
)
 
(4
)
Undistributed earnings available to common stockholders
$
4,345

 
$
5,136

Income (loss) from discontinued operations
389

 
(323
)
Undistributed earnings from continuing operations available to common stockholders
3,956

 
5,459

 
 
 
 
Weighted average number of common shares outstanding for basic EPS computation
18,265

 
18,139

Effect of dilutive securities:
 
 
 
Stock options
55

 
197

Convertible junior subordinated debentures
—

 
4,392

Weighted average number of common and common equivalent shares outstanding for diluted EPS computation
18,320

 
22,728

 
 
 
 
Basic earnings per common share:
 
 
 
Undistributed earnings
$
0.22

 
$
0.30

Allocation of earnings to non-vested share awards
—

 
0.01

Basic earnings per share from continuing operations
0.22

 
0.31

Discontinued operations
0.02

 
(0.02
)
Basic earnings per common share
$
0.24

 
$
0.29

 
 
 
 
Diluted earnings per common share:
 
 
 
Undistributed earnings
$
0.22

 
$
0.26

Allocation of earnings to non-vested share awards
—

 
0.01

Diluted earnings per share from continuing operations
0.22

 
0.27

Discontinued operations
0.02

 
(0.02
)
Diluted earnings per common share
$
0.24

 
$
0.25


Share-based awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and included in the computation of both basic and diluted earnings per share. Our grants of restricted stock awards to our employees and directors are considered participating securities and we have prepared our earnings per share calculations to include outstanding unvested restricted stock awards in the basic and diluted weighted average shares outstanding calculation.
The fully diluted weighted average shares outstanding for the three months ended March 31, 2013, and the corresponding calculation of GAAP fully diluted earnings per share include approximately 4.4 million shares that would be issued upon conversion of our convertible junior subordinated debentures as a result of the application of the if-converted method prescribed by FASB ASC 260-10-45. For the three months ended March 31, 2012, the conversion of our convertible junior subordinated debentures is excluded from fully diluted earnings per share calculation and the fully diluted weighted average share count because the inclusion of such converted shares would result in an antidilutive impact.
The following table sets forth the reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the three months ended March 31, 2013: 
 
For the three months ended
March 31, 2013
 
Income (Numerator)
 
Shares (Denominator)
 
Per-Share Amount
Net income
$
5,258

 
 
 


Less: Preferred Stock dividends
(4
)
 
 
 
 
 
 
 
 
 
 
Basic earnings per share
 
 
 
 
 
Net income available to common stockholders
5,254

 
18,139

 
$
0.29

 
 
 
 
 
 
Effect of dilutive securities
 
 
 
 
 
Stock options
—

 
197

 
 
Convertible junior subordinated debentures
484

 
4,392

 
 
 
 
 
 
 
 
Diluted earnings per share
 
 
 
 
 
Net income available to common stockholders and assumed conversions
$
5,738

 
22,728

 
$
0.25