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Earnings Per Share (Tables)
6 Months Ended
Jun. 30, 2012
Schedule Showing Calculation Of Basic And Diluted Earnings Per Share
(Dollars in thousands, except share and per share data)   For the Three Months Ended June 30,     For the Six Months Ended June 30,  
    2012     2011     2012     2011  

Income available to common shareholders

  $ 12,560      $ 5,186      $ 31,953      $ 19,833   

Distributed and undistributed earnings to unvested restricted stock

    (240     (91     (613     (379
 

 

 

   

 

 

   

 

 

   

 

 

 

Distributed and undistributed earnings to common shareholders – Basic(1)

    12,320        5,095        31,340        19,454   

Undistributed earnings reallocated to unvested restricted stock

    —          4        6        1   
 

 

 

   

 

 

   

 

 

   

 

 

 

Distributed and undistributed earnings to common shareholders – Diluted

  $ 12,320      $ 5,099      $ 31,346      $ 19,455   

Weighted average shares outstanding- Basic(2)

    29,463,811        28,015,846        29,424,078        27,405,797   

Weighted average shares outstanding- Diluted

    28,950,806        27,677,313        28,939,291        27,124,910   

Earnings per common share – Basic(1)

  $ 0.43      $ 0.19      $ 1.09      $ 0.72   

Earnings per common share - Diluted

  $ 0.43      $ 0.18      $ 1.08      $ 0.72   

Earnings per unvested restricted stock share – Basic (3)

  $ 0.43      $ 0.18      $ 1.12      $ 0.80   

Earnings per unvested restricted stock share - Diluted

  $ 0.43      $ 0.17      $ 1.10      $ 0.79   

 

(1) Total earnings available to common shareholders included distributed earnings of $9,838,000, or $0.34 per weighted average share, and undistributed earnings of $2,482,000, or $0.09 per weighted average share for the three months ended June 30, 2012. Total earnings available to common shareholders included distributed earnings of $10,083,000, or $0.37 per weighted average share, and an undistributed loss of $4,998,000, or $0.18 per weighted average share for the three months ended June 30, 2011. For the six months ended June 30, 2012, total earnings available to common shareholders included distributed earnings of $19,679,000, or $0.68 per weighted average share, and undistributed earnings of $11,660,000, or $0.40 per weighted average share. For the six months ended June 30, 2011, total distributed earnings to common shareholders were $19,076,000, or $0.71 per weighted average share, and undistributed earnings were $378,000, or $0.01 per weighted average share.
(2) Weighted average basic shares outstanding include 563,882 and 517,596 shares of unvested restricted stock for the three months ended June 30, 2012 and 2011, respectively, and 549,479 and 476,896 shares for the six months ended June 30, 2012 and 2011, respectively.
(3) Total earnings available to unvested restricted stock included distributed earnings of $192,000, or $0.34 per weighted average share, and undistributed earnings of $48,000, or $0.09 per weighted average share for the three months ended June 30, 2012. Total earnings available to unvested restricted stock included distributed earnings of $180,000, or $0.35 per weighted average share, and an undistributed loss of $89,000, or $0.17 per weighted average share for the three months ended June 30, 2011. For the six months ended June 30, 2012, total earnings available to unvested restricted stock shares included distributed earnings of $385,000, or $0.70 per weighted average share, and undistributed earnings of $228,000, or $0.42 per weighted average share. For the six months ended June 30, 2011, total distributed earnings were $372,000, or $0.78 per weighted average share, and undistributed earnings were $7,000, or $0.02 per weighted average share.