Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v2.4.0.6
Earnings Per Share
 3 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
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 table is a reconciliation of the components used to derive basic and diluted EPS for the periods indicated:

 

     2013      2012  
     (Numerator)      (Denominator)             (Numerator)      (Denominator)         
            Weighted-      Per             Weighted-      Per  
     Net      Average      Share      Net      Average      Share  
     Income      Shares      Amount      Income      Shares      Amount  
     (Dollars in Thousands, Except Per Share Data)  

Three Months Ended March 31:

                  

Basic EPS

    $ 10,110         31,538,980       $ 0.32       $ 7,341         31,470,520       $ 0.23   

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

      —           87,687         —           —           19,049         —     
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Diluted EPS

    $ 10,110         31,626,667       $ 0.32       $ 7,341         31,489,569       $ 0.23   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

For the three months ended March 31, 2013 and 2012, there were 76,625 and 373,650 options, warrants and shares of unvested restricted stock outstanding, respectively, that were not included in the computation of diluted EPS because their effect would be anti-dilutive.