12. SUBSEQUENT EVENTS

On February 19, 2014, the Board of Directors approved a two-for-one stock split of the Company’s common stock, par value $0.01 per share. The stock split will be in the form of a stock dividend to be distributed on May 7, 2014 to stockholders of record at the close of business on April 7, 2014. The stock split entitles each stockholder to receive one additional share of common stock, par value $0.01, for each share they hold as of the record date. Upon completion of the stock split, the Company’s outstanding shares of common stock will increase from approximately 16.8 million shares to approximately 33.6 million shares. Additionally, on April 30, 2014, the Company’s stockholders’ approved an amendment to the Company’s Restated Certificate of Incorporation to increase the number of authorized shares of common stock from 40 million shares to 80 million shares.

All share and per share data presented in the accompanying unaudited condensed consolidated financial statements have not been adjusted for the stock split, but will be retroactively adjusted during the second quarter of 2014.

Pro forma share and per share data, giving retroactive effect to the stock split, are as follows:


	Three Months Ended March 31,
	2014		2013
Weighted average shares outstanding:
Basic weighted average shares outstanding, as reported (pre-stock split)		16,564,338		16,883,111
Basic weighted average shares outstanding, pro forma (post-stock split)		33,128,676		33,766,222
Diluted weighted average shares outstanding, as reported (pre-stock split)		16,799,719		17,280,445
Diluted weighted average shares outstanding, pro forma (post-stock split)		33,599,438		34,560,890
Earnings per common share:
Basic earnings per share, as reported (pre-stock split)	$	0.74	$	1.28
Basic earnings per share, pro forma (post-stock split)	$	0.37	$	0.64
Diluted earnings per share, as reported (pre-stock split)	$	0.73	$	1.25
Diluted earnings per share, pro forma (post-stock split)	$	0.37	$	0.62

The pro forma impact as a result of the stock split on the Company’s stockholders’ equity is an increase of $0.2 million to common stock and an offsetting reduction in additional paid-in capital.