Income Per Common Share (Tables)

6 Months Ended

Jun. 30, 2015

Computation of Basic and Diluted Net Income Per Common Share

Six Months Ended June 30,						Three Months Ended June 30,
	2015			2014			2015		2014
	(Dollars In Thousands, Except Per Share Amounts)
Numerator:
Net income:	$	7,066		$	22,754		$	417	$	11,113
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		6,766			22,454			417		11,113
Dividends on preferred stocks assumed to be converted, if dilutive		60			300			—		—

Numerator for diluted net income per common share	$	6,826		$	22,754		$	417	$	11,113

Denominator:
Denominator for basic net income per common share - weighted-average shares		22,711,332			22,538,773			22,747,925		22,544,857
Effect of dilutive securities:
Convertible preferred stocks		583,333			916,666			916,666		916,666
Stock options		117,124			195,000			112,483		198,715

Dilutive potential common shares		700,457			1,111,666			1,029,149		1,115,381

Denominator for dilutive net income per common share - adjusted weighted-average shares and assumed conversions		23,411,789			23,650,439			23,777,074		23,660,238

Basic net income per common share	$	0.30		$	1.00		$	0.02	$	0.49

Diluted net income per common share	$	0.29		$	0.96		$	0.02	$	0.47

Antidilutive Securities Excluded from Computation of Earnings 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,
	2015		2014		2015		2014
Convertible preferred stocks		333,333		—		—		—
Stock options		496,137		325,326		291,885		370,099

		829,470		325,326		291,885		370,099