Basic and Diluted Net Income per Common Share

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

Basic and Diluted Net Income per Common Share

Basic and diluted net income (loss) per common share

The Company’s basic net income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. The Company’s diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding plus any incremental shares arising from the dilutive effect of stock-based compensation.

The numerators and denominators used in computing basic and diluted net income (loss) per common share for the years ended December 31, 2013, 2012 and 2011 can be reconciled as follows (dollars in thousands, except per share data):

	2013		2012		2011
Net income (loss) before extraordinary net gain	$	50,845	$	5,951	$	(80,115	)
Extraordinary gain on extinguishment of junior subordinated debentures, net of income taxes	—		—		32,839
Net income (loss)	$	50,845	$	5,951	$	(47,276	)
Weighted-average shares outstanding - basic	47,186,756		47,127,737		43,628,044
Dilutive securities	296,956		150,287		—
Weighted-average shares outstanding - diluted	47,483,712		47,278,024		43,628,044
Common stock equivalent shares excluded due to antidilutive effect	64,171		139,346		114,593
Basic and diluted:
Income (loss) before extraordinary net gain	$	1.08	$	0.13	$	(1.83	)
Extraordinary net gain	—		—		0.75
Net income (loss) per common share (basic)	$	1.08	$	0.13	$	(1.08	)
Net income (loss) per common share (diluted)	$	1.07	$	0.13	$	(1.08	)