Income Per Common Share (Tables)

6 Months Ended

Jun. 30, 2013

Computation of Basic and Diluted Net Income Per Common Share

The following table sets forth the computation of basic and diluted net income per common share:

(Dollars in Thousands, Except Per Share Amounts)


	Six Months Ended June 30,						Three Months Ended June 30,
	2013			2012			2013		2012
Numerator:
Net income	$	7,359		$	40,336		$	7,427	$	26,033
Dividends on Series B Preferred		(240	)		(240	)		—		—
Dividends on Series D Preferred		(60	)		(60	)		—		—

Total dividends on preferred stocks		(300	)		(300	)		—		—

Numerator for basic net income per common share—net income applicable to common stock		7,059			40,036			7,427		26,033
Dividends on preferred stocks assumed to be converted, if dilutive		60			300			—		—

Numerator for diluted net income per common share	$	7,119		$	40,336		$	7,427	$	26,033

Denominator:
Denominator for basic net income per common share—weighted-average shares		22,430,589			22,332,303			22,437,485		22,340,826
Effect of dilutive securities:
Convertible preferred stocks		250,000			917,346			916,666		916,666
Stock options		234,071			266,776			223,232		251,838

Dilutive potential common shares		484,071			1,184,122			1,139,898		1,168,504

Denominator for diluted net income per common share—adjusted weighted-average shares and assumed conversions		22,914,660			23,516,425			23,577,383		23,509,330

Basic net income per common share	$	0.31		$	1.79		$	0.33	$	1.17

Diluted net income per common share	$	0.31		$	1.72		$	0.31	$	1.11

Antidilutive Securities Excluded from Computation of Earning Per Share

The following weighted-average shares of securities were not included in the computation of diluted net income per common share as their effect would have been antidilutive:


	Six Months Ended June 30,				Three Months Ended June 30,
	2013		2012		2013		2012
Convertible preferred stocks		666,666		—		—		—
Stock options		251,683		254,000		250,016		254,000

		918,349		254,000		250,016		254,000