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Earnings Per Common Share
 3 Months Ended
Mar. 31, 2012
Earnings Per Common Share [Abstract]  
Earnings Per Common Share

Note 2. Earnings Per Common Share

Basic earnings per common share is determined by dividing net income available to common shareholders by the weighted average common shares outstanding. Diluted earnings per common share is determined by dividing net income by the weighted average common shares outstanding, including diluted shares for stock options, warrants, contingently issuable shares, and convertible preferred shares. The calculation for basic and diluted earnings per common share follows:

 

                 
    Three Months Ended
March 31,		  
    2012     2011  
(Amounts in thousands, except share and per share data)            

Net income

   $ 6,001     $ 5,751  

Dividends on preferred stock

     283       —    
   

 

 

    

 

 

  

Net income available to common shareholders

   $ 5,718     $ 5,751  

Weighted average common shares outstanding, basic

     17,849,376       17,867,953  

Diluted shares for stock options

     34,998       10,266  

Contingently issuable shares

     —         8,899  

Convertible preferred shares

     1,305,549       —    
   

 

 

    

 

 

  

Weighted average common shares outstanding, diluted

     19,189,923       17,887,118  
   

 

 

    

 

 

  

Basic earnings per common share

   $ 0.32     $ 0.32  

Diluted earnings per common share

   $ 0.31     $ 0.32  

For the three months ended March 31, 2012, and March 31, 2011, options and warrants to purchase 451,915 shares and 483,558 shares, respectively, of Common Stock were outstanding but not included in the computation of diluted earnings per common share because their effect would be antidilutive.

The 18,921 shares of the Company’s Series A Noncumulative Convertible Preferred Stock (“Series A Preferred Stock”) carry a 6% dividend rate. Each share is convertible into 69 shares of the Company’s Common Stock at any time and mandatorily converts after five years. The Company may redeem the shares at face value after May 20, 2014.