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Earnings Per Common Share
 6 Months Ended
Jun. 30, 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
June 30,		     Six Months Ended
June 30,		  
(Amounts in thousands, except share and per share data)   2012     2011     2012     2011  

Net income

   $ 4,078     $ 5,728     $ 10,079     $ 11,479  

Dividends on preferred stock

     283       131       566       131  
   

 

 

    

 

 

    

 

 

    

 

 

  

Net income available to common shareholders

   $ 3,795     $ 5,597     $ 9,513     $ 11,348  

Weighted average common shares outstanding, basic

     18,561,714       17,895,904       18,205,545       17,882,006  

Diluted shares for stock options

     41,979       27,497       38,488       6,706  

Contingently issuable shares

     —         8,527       —         8,527  

Convertible preferred shares

     1,305,549       602,561       1,305,549       302,945  
   

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average common shares outstanding, diluted

     19,909,242       18,534,489       19,549,582       18,200,184  
   

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings per common share

   $ 0.20     $ 0.31     $ 0.52     $ 0.63  

Diluted earnings per common share

   $ 0.20     $ 0.31     $ 0.52     $ 0.63  

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 Common Stock at any time and mandatorily converts after five years. The Company may redeem the shares at face value after May 20, 2014.

The following outstanding options and warrants to purchase the Company’s Common Stock (“Common Stock”) were excluded from the calculation of diluted earnings per share because the exercise price was greater than the market value of the Common Stock, which would result in an antidilutive effect on diluted earnings per share:

 

                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2012     2011     2012     2011  

Options and warrants

     451,915       457,045       451,915       480,396