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Earnings Per Common Share
 9 Months Ended
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