CALCULATION OF WEIGHTED AVERAGE SHARES OUTSTANDING FOR EARNINGS (LOSS) PER SHARE (EPS)

3 Months Ended

Mar. 31, 2013

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 March 31
	2013		2012
Net income (loss)	$	11,582	$	9,184
Preferred stock dividend accrual	—		1,550
Preferred stock discount accretion	—		454
Net income (loss) available to common shareholders	$	11,582	$	7,180
Basic weighted average shares outstanding	19,313		17,762
Plus unvested restricted stock	110		29
Diluted weighted shares outstanding	19,423		17,791
Earnings (loss) per common share
Basic	$	0.60	$	0.40
Diluted	$	0.60	$	0.40

Options to purchase an additional 29,671 and 51,279 shares of common stock as of March 31, 2013 and 2012, respectively, were not included in the computation of diluted earnings per share because their exercise price resulted in them being anti-dilutive.  Also, as of March 31, 2013, 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.