Income Per Common Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Income Per Common Share

Note 2: Income Per Common Share

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

(Dollars in Thousands, Except Per Share Amounts)

	Nine Months Ended September 30,						Three Months Ended September 30,
	2013			2012			2013		2012
Numerator:
Net income	$	17,619		$	47,044		$	10,260	$	6,708
Dividends on Series B Preferred		(240	)		(240	)		—		—
Dividends on Series D Preferred		(60	)		(60	)		—		—
Total dividends on preferred stocks		(300	)		(300	)		—		—
Numerator for basic net income per common share—net income applicable to common stock		17,319			46,744			10,260		6,708
Dividends on preferred stocks assumed to be converted, if dilutive		300			300			—		—
Numerator for diluted net income per common share	$	17,619		$	47,044		$	10,260	$	6,708
Denominator:
Denominator for basic net income per common share—weighted-average shares		22,446,557			22,346,112			22,477,974		22,373,731
Effect of dilutive securities:
Convertible preferred stocks		916,666			917,119			916,666		916,666
Stock options		223,352			264,965			202,645		261,341
Dilutive potential common shares		1,140,018			1,182,084			1,119,311		1,178,007
Denominator for diluted net income per common share—adjusted weighted-average shares and assumed conversions		23,586,575			23,528,196			23,597,285		23,551,738
Basic net income per common share	$	0.77		$	2.09		$	0.46	$	0.30
Diluted net income per common share	$	0.75		$	2.00		$	0.43	$	0.28

The following weighted-average shares of securities were not included in the computation of diluted net income per common share as their effect would have been antidilutive:

	Nine Months Ended September 30,				Three Months Ended September 30,
	2013		2012		2013		2012
Stock options		249,000		254,000		243,000		254,000