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General (Policies) | 9 Months Ended
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Sep. 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,” herein. 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 |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
(Amounts in thousands, except share and per share data) |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 5,412 |  |  | $ | 10,059 |  |  | $ | 17,988 |  |  | $ | 20,138 |
Dividends on preferred stock |  |  | 261 |  |  |  | 220 |  |  |  | 772 |  |  |  | 786 |
Net income available to common shareholders |  | $ | 5,151 |  |  | $ | 9,839 |  |  | $ | 17,216 |  |  | $ | 19,352 |
Weighted average common shares outstanding, basic |  |  | 20,008,861 |  |  |  | 20,013,264 |  |  |  | 20,013,095 |  |  |  | 18,812,516 |
Diluted shares for stock options and restricted stock |  |  | 35,850 |  |  |  | 19,138 |  |  |  | 31,671 |  |  |  | 7,384 |
Weighted average convertible preferred shares |  |  | 1,091,462 |  |  |  | 1,301,049 |  |  |  | 1,158,715 |  |  |  | 1,304,038 |
Weighted average common shares outstanding, diluted |  |  | 21,136,173 |  |  |  | 21,333,451 |  |  |  | 21,203,481 |  |  |  | 20,123,938 |
Basic earnings per common share |  | $ | 0.26 |  |  | $ | 0.49 |  |  | $ | 0.86 |  |  | $ | 1.03 |
Diluted earnings per common share |  | $ | 0.26 |  |  | $ | 0.47 |  |  | $ | 0.85 |  |  | $ | 1.00 |
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 15,471 shares of Series A Preferred Stock outstanding at September 30, 2013, 17,421 shares outstanding at December 31, 2012, and 17,921 shares outstanding at September 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 |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Stock options |  |  | 339,008 |  |  |  | 338,536 |  |  |  | 339,008 |  |  |  | 450,966 |

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- Definition Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2144384 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3630-109257 + Details
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- Definition Disclosure of accounting policy for reclassifications that affects the comparability of the financial statements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6359566&loc=d3e326-107755 + Details
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