Earnings Per Common Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings (Loss) Per Common Share

Earnings Per Common Share

The following tables set forth the computations of basic and diluted earnings per common share for the three and nine months ended September 30, 2013 and 2012 (in thousands, except per share data):

	Three Months Ended September 30,				Nine Months Ended September 30,
Basic earnings per common share:	2013		2012		2013		2012
Numerator:
Net earnings	$	4,877	$	2,565	$	6,211	$	3,859
Denominator:
Weighted-average common shares outstanding	29,396		25,541		29,075		25,370
Basic earnings per common share	$	0.17	$	0.10	$	0.21	$	0.15

	Three Months Ended September 30,				Nine Months Ended September 30,
Diluted earnings per common share:	2013		2012		2013		2012
Numerator:
Net earnings	$	4,877	$	2,565	$	6,211	$	3,859
Denominator:
Weighted-average common shares outstanding	29,396		25,541		29,075		25,370
Incremental shares from stock-based compensation plans	419		709		442		572
Denominator for diluted earnings per common share	29,815		26,250		29,517		25,942
Diluted earnings per common share	$	0.16	$	0.10	$	0.21	$	0.15

Weighted-average shares outstanding excludes anti-dilutive shares underlying options that totaled 1.6 million shares from the computation of diluted earnings per common share for the three and nine months ended September 30, 2013. Weighted-average shares outstanding excludes anti-dilutive shares underlying options that totaled 0.6 million shares and anti-dilutive Performance Units related to the Company's 2006 Management Incentive Plan that totaled 0.2 million from the computation of diluted earnings per common share for the three and nine months ended September 30, 2012. The number of common shares we used in the basic and diluted earnings per common share computations include nonvested restricted shares of 0.7 million and 0.9 million for the three and nine months ended September 30, 2013 and 2012, respectively, and nonvested restricted share units that we consider to be participating securities of 0.2 million for both the three and nine months ended September 30, 2013 and 2012.

On December 11, 2012, we closed a public offering of 6,249,234 shares of our common stock, which consisted of 2,500,000 shares sold by us and 3,749,234 shares sold by certain selling shareholders, at a price to the public of $6.39 per share. The net proceeds to us from the public offering, after deducting underwriting discounts and commissions and offering expenses, were $14.7 million. We did not receive any proceeds from the sale of shares by the selling shareholders. In addition, the underwriters elected to exercise an overallotment option for an additional 687,385 shares, and completed the additional sale on January 8, 2013. The net proceeds to us from the overallotment, after deducting underwriting discounts and commission and offering expenses, were $4.1 million.

In August 2012, we entered into the Ninth Amendment to our Shareholder Protection Rights Agreement with American Stock Transfer and Trust Company, our Rights Agent, dated as of August 9, 2000, as amended (the “Shareholder Rights Plan”), which extended the expiration date of the Shareholder Rights Plan to August 9, 2013. The Board of Directors of the Company allowed the Shareholder Rights Plan to expire on August 9, 2013 in accordance with its terms.