(2.) EARNINGS PER COMMON SHARE ("EPS")
The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS (in thousands, except per share amounts).
| |
|
|
|
|
|
|
| |
|
Three months ended |
|
| |
|
March, |
|
| |
|
2012 |
|
|
2011 |
|
| Net income available to common shareholders |
$ |
5,827 |
|
$ |
3,745 |
|
| Less: Earnings allocated to participating securities |
|
2 |
|
|
10 |
|
| Net income available to common shareholders for EPS |
$ |
5,825 |
|
$ |
3,735 |
|
| |
| Weighted average common shares outstanding: |
|
|
|
|
|
|
| Total shares issued |
|
14,162 |
|
|
11,880 |
|
| Unvested restricted stock awards |
|
(127 |
) |
|
(151 |
) |
| Treasury shares |
|
(360 |
) |
|
(393 |
) |
| Total basic weighted average common shares outstanding |
|
13,675 |
|
|
11,336 |
|
| |
| Incremental shares from assumed: |
|
|
|
|
|
|
| Exercise of stock options |
|
3 |
|
|
7 |
|
| Vesting of restricted stock awards |
|
55 |
|
|
49 |
|
| Exercise of warrant |
|
- |
|
|
75 |
|
| Total diluted weighted average common shares outstanding |
|
13,733 |
|
|
11,467 |
|
| |
| Basic earnings per common share |
$ |
0.43 |
|
$ |
0.33 |
|
| Diluted earnings per common share |
$ |
0.42 |
|
$ |
0.33 |
|
For each of the periods presented, average shares subject to the following instruments were excluded from the computation of diluted
| |
|
|
| EPS because the effect would be antidilutive: |
|
|
| Stock options |
318 |
352 |
| Restricted stock awards |
- |
27 |
| |
318 |
379 | |