Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

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EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2012
EARNINGS PER SHARE

NOTE 9 — EARNINGS PER SHARE

Earnings per share (“EPS”) is calculated on both a basic and a diluted basis. Basic EPS excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted from the issuance of common stock that then shared in earnings, excluding common shares in treasury. Unvested restricted stock is excluded from the calculation of weighted-average common shares for basic EPS. For diluted EPS, weighted-average common shares include the impact of restricted stock under the treasury method.

 

The following tables present a reconciliation of the components used to derive basic and diluted EPS for the periods indicated:

 

     2012     2011  
     (Numerator)      (Denominator)            (Numerator)      (Denominator)         
     Net Income      Weighted-
Average
Shares		      Per
Share
Amount		     Net Income      Weighted-
Average
Shares		      Per
Share
Amount		  
     (Dollars in Thousands, Except Per Share Data)  

Three Months Ended September 30,

                 

Basic EPS

    $ 13,279         31,475,976       $ 0.42      $ 4,203         18,888,474       $ 0.22   

Effect of Dilutive Securities – Options, Warrants and Unvested Restricted Stock

      —           69,135         —          —           18,825         —     
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Diluted EPS

    $ 13,279         31,545,111       $ 0.42      $ 4,203         18,907,299       $ 0.22   
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Nine Months Ended September 30,

                 

Basic EPS

    $ 76,395         31,474,042       $ 2.43      $ 22,641         18,886,415       $ 1.20   

Effect of Dilutive Securities – Options, Warrants and Unvested Restricted Stock

      —           32,725         (0.01 )      —           19,428         —     
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Diluted EPS

    $ 76,395         31,506,767       $ 2.42      $ 22,641         18,905,843       $ 1.20   
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

For the three months ended September 30, 2012 and 2011, there were 80,825 and 390,150 options, warrants and unvested restricted stock outstanding, respectively, that were not included in the computation of diluted EPS because their effect would be anti-dilutive. For the nine months ended September 30, 2012 and 2011, there were 122,525 and 390,150 options, warrants and unvested restricted stock outstanding, respectively, that were not included in the computation of diluted EPS because their effect would be anti-dilutive.