EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2013

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

11.EARNINGS PER SHARE

Basic earnings per common share (“EPS”) was computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period.  Diluted EPS is computed using the weighted average number of common shares outstanding during the period, including the effect of dilutive potential common shares outstanding attributable to stock awards.  There were approximately 200,787 and594,946 shares underlying anti-dilutive stock awards as of September 30, 2013 and 2012, respectively.

The following is a reconcilement of the denominators of the basic and diluted EPS computations for the three and nine months ended September 30, 2013 and 2012 (dollars and shares in thousands, except per share amounts):

	Net Income Available to Common Shareholders (Numerator)		Weighted Average Common Shares (Denominator)	Per Share Amount
For the Three Months ended September 30, 2013
Net income, basic	$	7,946	24,895	$	0.32
Add: potentially dilutive common shares - stock awards		-	68		-
Diluted	$	7,946	24,963	$	0.32
For the Three Months ended September 30, 2012
Net income, basic	$	9,626	25,881	$	0.37
Add: potentially dilutive common shares - stock awards		-	27		-
Diluted	$	9,626	25,908	$	0.37
For the Nine Months ended September 30, 2013
Net income, basic	$	26,392	24,987	$	1.06
Add: potentially dilutive common shares - stock awards		-	44		-
Diluted	$	26,392	25,031	$	1.06
For the Nine Months ended September 30, 2012
Net income, basic	$	25,969	25,893	$	1.00
Add: potentially dilutive common shares - stock awards		-	28		-
Diluted	$	25,969	25,921	$	1.00