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Earnings Per Share
3 Months Ended
Mar. 31, 2012
EARNINGS (LOSS) PER SHARE [Abstract]  
Earnings Per Share [Text Block]
EARNINGS PER SHARE

Basic earnings per common share data 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 gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and the if-converted method for convertible securities related to the issuance of trust preferred securities.

The following table presents a summary of per common share data and amounts for the periods indicated.

 
Three months ended March 31,
(in thousands, except per share data)
2012
 
2011
Net income as reported
$
6,185

 
$
4,112

Preferred stock dividend
(438
)
 
(438
)
Accretion of preferred stock discount
(203
)
 
(188
)
Net income available to common shareholders
$
5,544

 
$
3,486

 
 
 
 
Impact of assumed conversions
 
 
 
Interest on 9% convertible trust preferred securities, net of income tax
371

 

Net income available to common shareholders and assumed conversions
$
5,915

 
$
3,486

 
 
 
 
Weighted average common shares outstanding
17,790

 
14,920

Incremental shares from assumed conversions of convertible trust preferred securities
1,439

 

Additional dilutive common stock equivalents
14

 
16

Diluted common shares outstanding
19,243

 
14,936

 
 
 
 
Basic earnings per common share:
$
0.31

 
$
0.23

Diluted earnings per common share:
$
0.31

 
$
0.23


There were 1.0 million common stock equivalents (including 324,074 common stock warrants) for the three months ended March 31, 2012, and 2.4 million common stock equivalents (including 324,074 common stock warrants) for the three months ended March 31, 2011 which were excluded from the earnings per share calculations because their effect was anti-dilutive.