XML 90 R21.htm IDEA: XBRL DOCUMENT v2.4.0.8
General (Policies)
 9 Months Ended
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