Earnings Per Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share

Earnings (loss) Per Share

Note 13: Earnings (Loss) Per Share

The earnings (loss) per share – both basic and diluted – are included below as of December 31 (in thousands except for share data):

	2014		2013		2012
Basic earnings (loss) per share:
Weighted-average common shares outstanding		25,300,909		13,939,919		14,074,188
Weighted-average common shares less stock based awards		25,298,813		13,896,893		13,876,129
Weighted-average common shares stock based awards		201,558		209,140		331,123
Net income (loss) from operations	$	10,136	$	82,085	$	(72)
Gain on preferred stock redemption		(1,348)		-		-
Preferred stock dividends and accretion, net of dividends waived		(371)		5,258		4,987
Net earnings (loss) available to common stockholders		11,855		76,827		(5,059)
Undistributed earnings (loss)		11,855		76,827		(5,059)
Basic earnings (loss) per share common undistributed earnings		0.46		5.45		(0.36)
Basic earnings (loss) per share		0.46		5.45		(0.36)
Diluted earnings (loss) per share:
Weighted-average common shares outstanding		25,300,909		13,939,919		14,074,188
Dilutive effect of nonvested restricted awards1		248,284		166,114		133,064
Diluted average common shares outstanding		25,549,193		14,106,033		14,207,252
Net earnings (loss) available to common stockholders	$	11,855	$	76,827	$	(5,059)
Diluted earnings (loss) per share	$	0.46	$	5.45	$	(0.36)
Number of antidilutive options  and warrants excluded from the diluted earnings (loss) per share calculation		1,044,339		1,140,839		1,224,839
1 Includes the common stock equivalents for restricted share rights that are dilutive.

The above earnings (loss) per share calculation did not include a warrant for 815,339 shares of common stock that was outstanding as of December 31, 2014, 2013 and 2012 because the warrant was anti-dilutive at an exercise price of $13.43.  Of note, the warrant was sold at auction by the Treasury in June 2013 to a third party investor.

The Company completed the redemption of 25,669 shares of itsSeries B Stock in the second quarter of 2014.  As previously disclosed, the Company completed a public offering of 15,525,000 shares of common stock in April of 2014.  Net proceeds of over $64.0 million were initially used to pay the accrued but unpaid interest on the Company’s  trust preferred securities or junior subordinated debentures discussed in Note 10, the accumulated but unpaid dividends on the Series B Stock and to complete this redemption.  The amount remaining after the completion of these transactions was retained at the Company for use in addressing general corporate matters.  The redemption price for such Series B Stock was 94.75% of the liquidation value of the Series B Stock provided that the holders of shares entered into agreements to forebear payment of dividends due and to waive any rights to such dividend upon redemption.  The Company redeemed all shares of Series B Stock held by directors of the Company on the same terms.