XML 27 R33.htm IDEA: XBRL DOCUMENT v2.4.0.8
CALCULATION OF EARNINGS PER COMMON SHARE
 12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
CALCULATION OF EARNINGS PER COMMON SHARE
 CALCULATION OF EARNINGS PER COMMON SHARE

The following tables show the calculation of earnings (loss) per common share (in thousands, except per share data):
 
Years Ended December 31
 
2013
 
2012
 
2011
Net income
$
46,555

 
$
64,882

 
$
5,457

Preferred stock dividend accrual
—

 
(4,938
)
 
(6,200
)
Preferred stock discount accretion
—

 
(3,298
)
 
(1,701
)
Gain on repurchase of preferred stock
—

 
2,471

 
—

Net income (loss) available to common shareholders
$
46,555

 
$
59,117

 
$
(2,444
)
Weighted average number of common shares outstanding
 
 
 
 
 
Basic
19,361

 
18,650

 
16,724

Diluted
19,397

 
18,723

 
16,753

Earnings (loss) per common share
 
 
 
 
 
Basic
$
2.40

 
$
3.17

 
$
(0.15
)
Diluted
$
2.40

 
$
3.16

 
$
(0.15
)


At December 31, 2013, there were 164,146 issued but unvested restricted stock shares that were included in the computation of diluted earnings per share.

Options to purchase an additional 26,364 shares of common stock and a warrant to purchase up to 243,998 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.