Earnings Per Share

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 3 – EARNINGS PER SHARE

Share-based payment awards that entitle holders to receive non-forfeitable dividends before vesting are considered participating securities and thus included in the calculation of basic earnings per share. These awards are included in the calculation of basic earnings per share under the two-class method. The two-class method allocates earnings for the period between common shareholders and other security holders. The participating awards receiving dividends will be allocated the same amount of income as if they were outstanding shares.

The following table presents the calculation of basic and diluted earnings per share for the three months ended March 31, 2013 and 2012.

	For the Three Months Ended March 31,
(Dollars in thousands, except per share data)	2013			2012
Income available to common shareholders	$	717		$	19,393
Distributed earnings (distributed capital) to unvested restricted stock		(14	)		(374	)
Distributed earnings (distributed capital) to common shareholders - Basic		703			19,019
Undistributed earnings reallocated to unvested restricted stock		(6	)		10
Distributed and undistributed earnings to common shareholders - Diluted	$	697		$	19,029
Weighted average shares outstanding - Basic(1)		29,502,711			29,384,220
Weighted average shares outstanding - Diluted		28,979,168			28,928,276
Earnings per common share - Basic	$	0.02		$	0.66
Earnings per common share - Diluted	$	0.02		$	0.66
Earnings per unvested restricted stock share - Basic	$	0.03		$	0.70
Earnings per unvested restricted stock share - Diluted	$	0.04		$	0.68

(1) Weighted average basic shares outstanding include 564,543 and 535,005 shares of unvested restricted stock for the three months ended March 31, 2013 and 2012, respectively.

Additional information on the Company’s basic earnings per common share is shown in the following table.

	For the Three Months Ended March 31,
(Dollars in thousands, except per share data)	2013			2012
Distributed earnings to common shareholders	$	9,896		$	9,842
Undistributed earnings (distributed capital) to common shareholders		(9,193	)		9,177
Total earnings to common shareholders	$	703		$	19,019
Distributed earnings to unvested restricted stock	$	199		$	194
Undistributed earnings (distributed capital) to unvested restricted stock		(185	)		180
Total earnings allocated to restricted stock	$	14		$	374
Distributed earnings per common share	$	0.34		$	0.34
Undistributed earnings (distributed capital) per common share		(0.32	)		0.32
Total earnings per common share - Basic	$	0.02		$	0.66
Distributed earnings per unvested restricted stock share	$	0.35		$	0.36
Undistributed earnings (distributed capital) per unvested restricted stock share		(0.33	)		0.34
Total earnings per unvested restricted stock share - Basic	$	0.02		$	0.70

For the three months ended March 31, 2013 and 2012, the calculations for basic shares outstanding exclude the weighted average shares owned by the Recognition and Retention Plan (“RRP”) of 641,922 and 590,013, respectively, and are adjusted for the weighted average shares in treasury stock of 2,337,295 and 1,723,843, respectively.

The effect from the assumed exercise of 790,431 and 528,719 stock options was not included in the computation of diluted earnings per share for three months ended March 31, 2013 and 2012, respectively, because such amounts would have had an antidilutive effect on earnings per share.