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Earnings per Common Share
 12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Earnings per Common Share
Earnings per Common Share
Earnings per common share are computed using the two-class method. Basic earnings per common share are computed by dividing net income allocated to common shares by the weighted average number of shares outstanding during the applicable period, excluding outstanding participating securities. Participating securities include unvested restricted shares. Unvested restricted shares are considered participating securities because holders of these securities receive non-forfeitable dividends at the same rate as holders of the Corporation’s common stock. Diluted earnings per share are computed by dividing net income allocated to common shares adjusted for reallocation of undistributed earnings of unvested restricted shares by the weighted average number of shares determined for the basic earnings per common share computation plus the dilutive effect of common stock equivalents using the treasury stock method.
In December 2012, the Corporation successfully completed a capital-raising transaction through the issuance of 1,265,000 shares of common stock at a price of $23.00. This stock issuance impacted the Corporation’s earnings per share by increasing the number of shares outstanding.
For the years ended December 31, 2013 and 2012, average anti-dilutive employee share-based awards totaled 77 and 115,236, respectively.
 
 
For the Year Ended December 31,
 
 
2013
 
2012
 
 
(Dollars in Thousands, Except Share Data)
Basic earnings per common share
 
 
 
 
Net income
 
$
13,746

 
$
8,926

Less: earnings allocated to participating securities
 
331

 
329

Basic earnings allocated to common shareholders
 
$
13,415

 
$
8,597

 
 
 
 
 
Weighted-average common shares outstanding, excluding participating securities
 
3,832,296

 
2,608,961

 
 
 
 
 
Basic earnings per common share
 
$
3.50

 
$
3.30

 
 
 
 
 
Diluted earnings per common share
 
 
 
 
Earnings allocated to common shareholders
 
$
13,415

 
$
8,597

Reallocation of undistributed earnings
 
2

 
—

Diluted earnings allocated to common shareholders
 
$
13,417

 
$
8,597

 
 
 
 
 
Weighted-average common shares outstanding, excluding participating securities
 
3,832,296

 
2,608,961

Dilutive effect of share-based awards
 
15,314

 
1,911

Weighted-average diluted common shares outstanding, excluding participating securities
 
3,847,610

 
2,610,872

 
 
 
 
 
Diluted earnings per common share
 
$
3.49

 
$
3.29