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Earnings Per Common Share
 6 Months Ended
Jun. 30, 2013
Earnings Per Common Share [Abstract]  
EARNINGS PER COMMON SHARE

11. EARNINGS PER COMMON SHARE

(Average share data in thousands)

 

The following table sets forth the computation of basic and diluted earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

 

 

2013

 

2012

 

2013

 

2012

 

 

 

Numerator for basic and diluted earnings per common share -

 

 

 

 

 

 

 

 

Income (loss) available to common stockholders:

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

$
7,257 

$
(3,321)

$
12,208 

$
(342)

Income from discontinued operations

 
38 

 
1,250 

 
14 

 
1,640 

Net income (loss)

$
7,295 

$
(2,071)

$
12,222 

$
1,298 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

Weighted average shares

 
10,173 

 
10,121 

 
10,165 

 
10,105 

Denominator for basic earnings per common share

 
10,173 

 
10,121 

 
10,165 

 
10,105 

 

 

 

 

 

 

 

 

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

Employee stock options

 
12 

 

 -

 
12 

 
18 

Other stock compensation plans

 
68 

 

 -

 
61 

 
71 

Dilutive potential common shares

 
80 

 

 -

 
73 

 
89 

Denominator for diluted earnings per common share -

 

 

 

 

 

 

 

 

adjusted weighted average shares and assumed conversions

 
10,253 

 
10,121 

 
10,238 

 
10,194 

Basic earnings (loss) per common share:

 

 

 

 

 

 

 

 

Continuing operations

$
0.71 

$
(0.33)

$
1.20 

$
(0.03)

Discontinued operations

 
0.00 

 
0.12 

 
0.00 

 
0.16 

Basic earnings (loss) per common share

$
0.72 

$
(0.20)

$
1.20 

$
0.13 

Diluted earnings (loss) per common share:

 

 

 

 

 

 

 

 

Continuing operations

$
0.71 

$
(0.33)

$
1.19 

$
(0.03)

Discontinued operations

 
0.00 

 
0.12 

 
0.00 

 
0.16 

Diluted earnings (loss) per common share

$
0.71 

$
(0.20)

$
1.19 

$
0.13 

 

 

 

 

 

 

 

 

 

Dividends paid per common share

$
0.030 

$
0.025 

$
0.060 

$
0.050 

 

 

The Company incurred a loss applicable to common shareholders in the three month period ended June 30, 2012.  Due to the loss, the inclusion of dilutive securities in the calculation of weighted average common shares is anti-dilutive and there is no difference between basic and dilutive earnings per share. Anti-dilutive performance stock awards of approximately 6,000 shares for the six-month period ended June 30, 2012 were not included in the calculation of diluted earnings per share.

 

In February 2013, the Company’s Board of Directors authorized an increase to the regular quarterly dividend to $0.03 per common share.