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CALCULATION OF WEIGHTED AVERAGE SHARES OUTSTANDING FOR EARNINGS (LOSS) PER SHARE (EPS)
 9 Months Ended
Sep. 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
September 30
 
Nine Months Ended
September 30
 
2013

 
2012

 
2013

 
2012

Net income (loss)
$
11,665

 
$
15,620

 
$
35,001

 
$
50,194

Preferred stock dividend accrual
—

 
1,227

 
—

 
4,327

Preferred stock discount accretion
—

 
1,216

 
—

 
2,124

Gain on repurchase and retirement of preferred stock
 
 
$
(2,070
)
 
 
 
$
(2,070
)
Net income (loss) available to common shareholders
$
11,665

 
$
15,247

 
$
35,001

 
$
45,813

 
 
 


 


 


Basic weighted average shares outstanding
19,338

 
19,172

 
19,348

 
18,428

Plus unvested restricted stock
59

 
113

 
55

 
61

Diluted weighted shares outstanding
19,397

 
19,285

 
19,403

 
18,489

Earnings (loss) per common share
 

 
 

 
 

 
 

Basic
$
0.60

 
$
0.80

 
$
1.81

 
$
2.49

Diluted
$
0.60

 
$
0.79

 
$
1.80

 
$
2.48



Options to purchase an additional 47,671 shares of common stock as of September 30, 2012 were not included in the computation of diluted earnings per share because their exercise price resulted in them being anti-dilutive. There were no options to purchase additional shares of common stock as of September 30, 2013.  Also, as of September 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 for 2013 and 2012 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.