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Earnings Per Share Earnings Per Share | 6 Months Ended
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Jun. 30, 2013
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE Earnings per share for the three and six months ended June 30, 2012 and 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 and six months ended June 30, 2012 and 2013:
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2012 |  | 2013 |  | 2012 |  | 2013
Net income | $ | 2,663 |  |  | $ | 4,144 |  |  | $ | 7,122 |  |  | $ | 9,403 |
Net income allocated to non-vested share awards | (85 | ) |  | (73 | ) |  | (196 | ) |  | (170 | )
Preferred stock dividend | (3 | ) |  | — |  |  | (7 | ) |  | (4 | )
Undistributed earnings available to common stockholders | $ | 2,575 |  |  | $ | 4,071 |  |  | $ | 6,919 |  |  | $ | 9,229 |
Income from discontinued operations | 203 |  |  | 539 |  |  | 742 |  |  | 366 |
Undistributed earnings from continuing operations available to common stockholders | $ | 2,372 |  |  | $ | 3,532 |  |  | $ | 6,177 |  |  | $ | 8,863 |
Weighted average number of common shares outstanding for basic EPS computation | 18,077 |  |  | 18,201 |  |  | 18,171 |  |  | 18,170 |
Effect of dilutive securities: |  |  |  |  |  |  | — |
Stock options | 76 |  |  | 164 |  |  | 66 |  |  | 181 |
Convertible junior subordinated debentures | — |  |  | — |  |  | — |  |  | 4,392 |
Weighted average number of common and common equivalent shares outstanding for diluted EPS computation | 18,153 |  |  | 18,365 |  |  | 18,237 |  |  | 22,743 |
Basic earnings per common share: |  |  |  |  |  |  |
Undistributed earnings | $ | 0.14 |  |  | $ | 0.20 |  |  | $ | 0.34 |  |  | $ | 0.49 |
Allocation of earnings to non-vested share awards | — |  |  | — |  |  | 0.01 |  |  | 0.01 |
Basic earnings per share from continuing operations | $ | 0.14 |  |  | $ | 0.20 |  |  | $ | 0.35 |  |  | $ | 0.50 |
Discontinued operations | 0.01 |  |  | 0.03 |  |  | 0.04 |  |  | 0.02 |
Basic earnings per common share | $ | 0.15 |  |  | $ | 0.23 |  |  | $ | 0.39 |  |  | $ | 0.52 |
Diluted earnings per common share: |  |  |  |  |  |  |
Undistributed earnings | $ | 0.14 |  |  | $ | 0.20 |  |  | $ | 0.34 |  |  | $ | 0.45 |
Allocation of earnings to non-vested share awards | — |  |  | — |  |  | 0.01 |  |  | $ | 0.01 |
Diluted earnings per share from continuing operations | $ | 0.14 |  |  | $ | 0.20 |  |  | $ | 0.35 |  |  | $ | 0.46 |
Discontinued operations | 0.01 |  |  | 0.03 |  |  | 0.04 |  |  | 0.02 |
Diluted earnings per common share | $ | 0.15 |  |  | $ | 0.23 |  |  | $ | 0.39 |  |  | $ | 0.48 |
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 six months ended June 30, 2013, and the corresponding calculation of 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 and six months ended June 30, 2012 and the three months ended June 30, 2013, the conversion of our convertible junior subordinated debentures is excluded from the 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 June 30, 2013:
| For the Three Months Ended June 30, 2013
| Income (Numerator) |  | Shares (Denominator) |  | Per-Share Amount
Net income | $ | 4,144 |  |  |  |  |  |
Less: Preferred Stock dividends | — |  |  |  |  |
Basic earnings per share |  |  |  |  |
Net income available to common stockholders | 4,144 |  |  | 18,201 |  |  | $ | 0.23 |
Effect of dilutive securities |  |  |  |  |
Stock options | — |  |  | 164 |  |  |
Convertible junior subordinated debentures | — |  |  | — |  |  |
Diluted earnings per share |  |  |  |  |
Net income available to common stockholders and assumed conversions | $ | 4,144 |  |  | 18,365 |  |  | $ | 0.23 |
The following table sets forth the reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the six months ended June 30, 2013:
| For the Six Months Ended June 30, 2013
| Income (Numerator) |  | Shares (Denominator) |  | Per-Share Amount
Net income | $ | 9,403 |  |  |  |  |  |
Less: Preferred Stock dividends | (4 | ) |  |  |  |
Basic earnings per share |  |  |  |  |
Net income available to common stockholders | 9,399 |  |  | 18,170 |  |  | $ | 0.52 |
Effect of dilutive securities |  |  |  |  |
Stock options | — |  |  | 181 |  |  |
Convertible junior subordinated debentures | 1,474 |  |  | 4,392 |  |  |
Diluted earnings per share |  |  |  |  |
Net income available to common stockholders and assumed conversions | $ | 10,873 |  |  | 22,743 |  |  | $ | 0.48 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=16381557&loc=d3e4984-109258 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256 + Details
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