| Earnings Per Share |
Basic earnings per common share ("EPS") is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. The computation of diluted EPS uses as the denominator the weighted average number of common shares outstanding during the period, including the effect of potentially dilutive common shares outstanding attributable to stock awards. Dividends on preferred stock and amortization of discount on preferred stock are treated as a reduction of the numerator in calculating basic and diluted EPS. There were approximately 380,657 and 220,978 shares underlying anti-dilutive stock awards as of June 30, 2011 and 2010, respectively. Dividends paid on nonvested stock awards were approximately $8,000 and $7,000 for the three months ended June 30, 2011 and 2010, respectively.
The following is a reconcilement of the denominators of the basic and diluted EPS computations for the three and six months ended June 30, 2011 and 2010 (dollars and shares in thousands, except per share amounts):
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Net Income
Available to
Common
Shareholders
(Numerator) |
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Weighted
Average
Common Shares
(Denominator) |
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Per Share
Amount |
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For the Three Months ended June 30, 2011
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Net income
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$ |
6,820 |
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25,970 |
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$ |
0.26 |
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Less: dividends paid and accumulated on preferred stock
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462 |
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— |
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0.02 |
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Less: accretion of discount on preferred stock
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65 |
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— |
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— |
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Basic
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$ |
6,293 |
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25,970 |
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$ |
0.24 |
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Add: potentially dilutive common shares - stock awards
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— |
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22 |
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— |
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Diluted
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$ |
6,293 |
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25,992 |
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$ |
0.24 |
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For the Three Months ended June 30, 2010
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Net income
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$ |
8,726 |
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25,872 |
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$ |
0.34 |
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Less: dividends paid and accumulated on preferred stock
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462 |
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— |
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0.02 |
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Less: accretion of discount on preferred stock
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50 |
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— |
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— |
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Basic
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$ |
8,214 |
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25,872 |
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$ |
0.32 |
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Add: potentially dilutive common shares - stock awards
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— |
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42 |
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— |
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Diluted
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$ |
8,214 |
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25,914 |
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$ |
0.32 |
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For the Six Months ended June 30, 2011
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Net income
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$ |
13,014 |
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25,964 |
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$ |
0.50 |
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Less: dividends paid and accumulated on preferred stock
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924 |
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— |
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0.04 |
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Less: accretion of discount on preferred stock
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129 |
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— |
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— |
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Basic
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$ |
11,961 |
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25,964 |
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$ |
0.46 |
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Add: potentially dilutive common shares - stock awards
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— |
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23 |
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— |
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Diluted
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$ |
11,961 |
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25,987 |
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$ |
0.46 |
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For the Six Months ended June 30, 2010
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Net income
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$ |
10,425 |
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24,542 |
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$ |
0.42 |
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Less: dividends paid and accumulated on preferred stock
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765 |
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— |
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0.03 |
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Less: accretion of discount on preferred stock
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101 |
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— |
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— |
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Basic
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$ |
9,559 |
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24,542 |
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$ |
0.39 |
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Add: potentially dilutive common shares - stock awards
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— |
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41 |
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— |
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Diluted
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$ |
9,559 |
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24,583 |
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$ |
0.39 |
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