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Earnings Per Common Share | 9 Months Ended
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Sep. 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 September 30, |  |  | Nine Months Ended September 30, |
(Amounts in thousands, except share and per share data) |  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Net income |  | $ | 10,059 |  |  | $ | 5,318 |  |  | $ | 20,138 |  |  | $ | 16,797 |
Dividends on preferred stock |  |  | 220 |  |  |  | 286 |  |  |  | 786 |  |  |  | 417 |
Net income available to common shareholders |  | $ | 9,839 |  |  | $ | 5,032 |  |  | $ | 19,352 |  |  | $ | 16,380 |
Weighted average common shares outstanding, basic |  |  | 20,013,264 |  |  |  | 17,896,534 |  |  |  | 18,812,516 |  |  |  | 17,886,902 |
Diluted shares for stock options |  |  | 162,184 |  |  |  | 3,551 |  |  |  | 42,832 |  |  |  | 5,643 |
Convertible preferred shares |  |  | 1,301,049 |  |  |  | 1,305,549 |  |  |  | 1,304,038 |  |  |  | 640,819 |
Weighted average common shares outstanding, diluted |  |  | 21,476,497 |  |  |  | 19,205,634 |  |  |  | 20,159,386 |  |  |  | 18,533,364 |
Basic earnings per common share |  | $ | 0.49 |  |  | $ | 0.28 |  |  | $ | 1.03 |  |  | $ | 0.92 |
Diluted earnings per common share |  | $ | 0.47 |  |  | $ | 0.28 |  |  | $ | 1.00 |  |  | $ | 0.91 |
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 (“Common Stock”) at any time and mandatorily converts after five years. The Company may redeem the shares at face value after May 20, 2014. There were 17,921 shares of Series A Preferred Stock outstanding at September 30, 2012 and 18,921 shares outstanding at September 30, 2011. The following outstanding options and warrants to purchase 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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Options and warrants |  |  | 338,536 |  |  |  | 480,045 |  |  |  | 450,966 |  |  |  | 480,221 |

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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 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256 Reference 2: 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 3: 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 4: 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 Reference 5: 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 6: 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 + Details
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