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

6 Months Ended

Jun. 30, 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 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 June 30				Six Months Ended June 30
	2013		2012		2013		2012
Net income (loss)	$	11,753	$	25,390	$	23,336	$	34,574
Preferred stock dividend accrual	—		1,550		—		3,100
Preferred stock discount accretion	—		454		—		908
Net income (loss) available to common shareholders	$	11,753	$	23,386	$	23,336	$	30,566
Basic weighted average shares outstanding	19,333		18,404		19,323		18,052
Plus unvested restricted stock	64		40		62		34
Diluted weighted shares outstanding	19,397		18,444		19,385		18,086
Earnings (loss) per common share
Basic	$	0.61	$	1.27	$	1.21	$	1.69
Diluted	$	0.60	$	1.27	$	1.20	$	1.69

Options to purchase an additional 27,708 and 47,671 shares of common stock as of June 30, 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 June 30, 2013, the warrants originally issued to the U.S. Treasury in the fourth quarter of 2008 to purchase up to $18.6 million (243,998 shares, post reverse-split) of common stock were not included in the computation of diluted EPS because the exercise price of the warrants were greater than the average market price of common shares. In June 2013, the Treasury sold the warrants in a public auction. That sale did not change the Company's capital position and did not have any impact on the financial accounting and reporting for these securities.