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General (Policies)
 6 Months Ended
Jun. 30, 2013
Significant Accounting Policies

Significant Accounting Policies

A complete and detailed description of the Company’s significant accounting policies is included in Note 1, “Summary of Significant Accounting Policies,” of the Notes to Consolidated Financial Statements in Part II, Item 8, “Financial and Supplementary Data,” of the Company’s 2012 Form 10-K and Note 1, “General,” of the Notes to Condensed Consolidated Financial Statements (Unaudited) in Part I, Item 1, “Financial Statements,” of the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2013. Additional discussion of the Company’s application of critical accounting estimates is included within “Application of Critical Accounting Estimates” in Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” herein.
Reclassifications and Corrections

Reclassifications and Corrections

The Company has made certain reclassifications of prior years’ amounts necessary to conform to the current year’s presentation. These reclassifications had no effect on the Company’s financial position, stockholders’ equity, or results of operations.
Recent Accounting Pronouncements

Recent Accounting Pronouncements

There were no recent accounting pronouncements that had, or are likely to have, a material effect on the Company’s financial position or results of operations.
Earnings per Common Share

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,		  
     2013      2012      2013      2012  
(Amounts in thousands, except share and per share data)                            

Net income

    $ 5,435       $ 4,078       $ 12,576       $ 10,079   

Dividends on preferred stock

      253         283         511         566   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income available to common shareholders

    $ 5,182       $ 3,795       $ 12,065       $ 9,513   

Weighted average common shares outstanding, basic

      19,997,991         18,561,714         20,015,247         18,205,545   

Diluted shares for stock options and restricted stock

      158,679         41,979         158,999         38,488   

Weighted average convertible preferred shares

      1,183,851         1,305,549         1,192,900         1,305,549   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted average common shares outstanding, diluted

      21,340,521         19,909,242         21,367,146         19,549,582   
  

 

 

     

 

 

     

 

 

     

 

 

  

Basic earnings per common share

    $ 0.26       $ 0.20       $ 0.60       $ 0.52   

Diluted earnings per common share

    $ 0.25       $ 0.20       $ 0.59       $ 0.52   

The Company’s Series A Noncumulative Convertible Preferred Stock (“Series A Preferred Stock”) carries 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 15,921 shares of Series A Preferred Stock outstanding at June 30, 2013, 17,421 shares outstanding at December 31, 2012, and 18,921 shares outstanding at June 30, 2012.

The following outstanding options 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
June 30,		      Six Months Ended
June 30,		  
     2013      2012      2013      2012  

Stock options

      337,693         451,915         337,693         451,915