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General (Policies) | 6 Months Ended
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Jun. 30, 2014
Reclassifications and Corrections | Reclassifications and Corrections Certain amounts reported in prior years have been reclassified to conform to the current year’s presentation. These reclassifications had no effect on the Company’s results of operations, financial position, or cash flow.
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-12, “Compensation — Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period,” which requires that a performance target that affects vesting and that could be achieved after the requisite service period should be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718 as it relates to awards with performance conditions that affect vesting to account for such awards. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. This update is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Earlier adoption is permitted. The Company is evaluating the impact the guidance is expected to have on the Company’s financial statements.
Earnings per Common Share | Earnings per Common Share Basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes the dilutive effect of potential common stock that could be issued by the Company. In accordance with the treasury stock method of accounting, potential common stock could be issued for stock options, nonvested restricted stock awards, performance based stock awards, and convertible preferred stock. Diluted earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding for the period plus the number of dilutive potential common shares. The calculation of diluted earnings per common share excludes potential common shares that have an exercise price greater than the average market value of the Company’s common stock because the effect would be antidilutive. The following table presents the calculation of basic and diluted earnings per common share for the periods indicated:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(Amounts in thousands, except share and per share data) |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Net income |  | $ | 7,007 |  |  | $ | 5,435 |  |  | $ | 12,732 |  |  | $ | 12,576 |
Dividends on preferred stock |  |  | 227 |  |  |  | 253 |  |  |  | 455 |  |  |  | 511 |
Net income available to common shareholders |  | $ | 6,780 |  |  | $ | 5,182 |  |  | $ | 12,277 |  |  | $ | 12,065 |
Weighted average number of common shares outstanding, basic |  |  | 18,395,996 |  |  |  | 19,997,991 |  |  |  | 18,409,414 |  |  |  | 20,015,247 |
Dilutive effect of potential common shares from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | 15,577 |  |  |  | 15,952 |  |  |  | 18,467 |  |  |  | 16,512 |
Restricted stock |  |  | 245 |  |  |  | 7,284 |  |  |  | 508 |  |  |  | 6,956 |
Convertible preferred stock |  |  | 1,045,419 |  |  |  | 1,183,851 |  |  |  | 1,046,944 |  |  |  | 1,192,900 |
Weighted average number of common shares outstanding, diluted |  |  | 19,457,237 |  |  |  | 21,205,078 |  |  |  | 19,475,333 |  |  |  | 21,231,615 |
Basic earnings per common share |  | $ | 0.37 |  |  | $ | 0.26 |  |  | $ | 0.67 |  |  | $ | 0.60 |
Diluted earnings per common share |  |  | 0.36 |  |  |  | 0.26 |  |  |  | 0.65 |  |  |  | 0.59 |
Antidilutive potential common shares: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | 253,082 |  |  |  | 337,693 |  |  |  | 253,082 |  |  |  | 337,693 |
The Company’s Series A Noncumulative Convertible Preferred Stock (“Series A Preferred Stock”) carries a 6% dividend rate. Each share of the Series A Preferred Stock is convertible into 69 shares of the Company’s common stock at any time. The Company may redeem the shares at face value and the shares mandatorily convert on May 20, 2016. The Series A Preferred Stock outstanding totaled 15,151 shares as of June 30, 2014, 15,251 shares as of December 31, 2013, and 15,921 shares as of June 30, 2013.

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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 -Section 50 -Paragraph 1 -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 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3630-109257 + Details
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- Definition Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact. + References No definition available. + 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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