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Earnings Per Share
 9 Months Ended
Sep. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Share
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. Common shares outstanding include common stock and restricted stock awards where recipients have satisfied the vesting terms. 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 September 30,
 
Nine months ended September 30,
(in thousands, except per share data)
2012
 
2011
 
2012
 
2011
Net income as reported
$
7,930

 
$
5,832

 
$
22,881

 
$
18,217

Preferred stock dividend
(436
)
 
(437
)
 
(1,312
)
 
(1,313
)
Accretion of preferred stock discount
(212
)
 
(195
)
 
(621
)
 
(575
)
Net income available to common shareholders
$
7,282

 
$
5,200

 
$
20,948

 
$
16,329

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

 
371

 
1,113

 
1,113

Net income available to common shareholders and assumed conversions
$
7,653

 
$
5,571

 
$
22,061

 
$
17,442

 
 
 
 
 
 
 
 
Weighted average common shares outstanding
17,876

 
17,741

 
17,829

 
16,322

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

 
1,439

 
1,439

 
1,439

Additional dilutive common stock equivalents
100

 
22

 
34

 
20

Weighted average diluted common shares outstanding
19,415

 
19,202

 
19,302

 
17,781

 
 
 
 
 
 
 
 
Basic earnings per common share:
$
0.41

 
$
0.29

 
$
1.17

 
$
1.00

Diluted earnings per common share:
$
0.39

 
$
0.29

 
$
1.14

 
$
0.98



For the three months ended September 30, 2012 and 2011, the amount of common stock equivalents that were excluded from the earnings per share calculations because their effect was anti-dilutive was 1.0 million (including 324,074 common stock warrants) and 744,632 common stock equivalents (including 324,074 common stock warrants), respectively. For the nine months ended September 30, 2012 and 2011, the amount of common stock equivalents that were excluded from the earnings per share calculations because their effect was anti-dilutive was 1.0 million (including 324,074 common stock warrants) and 888,821 (including 324,074 common stock warrants), respectively.