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CALCULATION OF WEIGHTED AVERAGE SHARES OUTSTANDING FOR EARNINGS (LOSS) PER SHARE (EPS)
 9 Months Ended
Sep. 30, 2012
Earnings Per Share [Abstract]  
CALCULATION OF WEIGHTED AVERAGE SHARES OUTSTANDING FOR EARNINGS (LOSS) PER SHARE (EPS)
CALCULATION OF WEIGHTED AVERAGE SHARES OUTSTANDING FOR EARNINGS (LOSS) PER SHARE (EPS)

The following table reconciles basic to diluted weighted shares outstanding used to calculate earnings per share data dollars and shares (in thousands, except per share data):

 
Three Months Ended
September 30
 
Nine Months Ended
September 30
 
2012

 
2011

 
2012

 
2011

Net income (loss)
$
15,620

 
$
6,030

 
$
50,194

 
$
387

Preferred stock dividend accrual
1,227

 
1,550

 
4,327

 
4,650

Preferred stock discount accretion
1,216

 
425

 
2,124

 
1,276

Gain on repurchase and retirement of preferred stock
(2,070
)
 
—

 
(2,070
)
 
—

Net income (loss) available to common shareholders
$
15,247

 
$
4,055

 
$
45,813

 
$
(5,539
)
 
 
 


 


 


Basic weighted average shares outstanding
19,172

 
16,809

 
18,428

 
16,540

Plus unvested restricted stock
113

 
28

 
61

 
29

Diluted weighted shares outstanding
19,285

 
16,837

 
18,489

 
16,569

Earnings (loss) per common share
 

 
 

 
 

 
 

Basic
$
0.80

 
$
0.24

 
$
2.49

 
$
(0.33
)
Diluted
$
0.79

 
$
0.24

 
$
2.48

 
$
(0.33
)


Options to purchase an additional 47,671 shares of common stock were not included in the computation of diluted earnings per share because their exercise price resulted in them being anti-dilutive.  Also, as of September 30, 2012, the warrant issued to the U.S. Treasury in the fourth quarter of 2008 to purchase up to 243,998 shares (post reverse-split) of common stock was not included in the computation of diluted EPS because the exercise price of the warrant was greater than the average market price of common shares.