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Earnings Per Share
 9 Months Ended
Sep. 30, 2011
EARNINGS (LOSS) PER SHARE [Abstract]  
Earnings Per Share [Text Block]
EARNINGS PER SHARE

Basic earnings per common share data is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and the if-converted method for convertible securities related to the issuance of trust preferred securities.

The following table presents a summary of per common share data and amounts for the periods indicated.

 
Three months ended September 30,
 
Nine months ended September 30,
 
 
 
 
 
 
 
(in thousands, except per share data)
2011
 
2010
 
2011
 
2010
Net income as reported
$
5,832

 
$
3,201

 
$
18,217

 
$
587

Preferred stock dividend
(437
)
 
(437
)
 
(1,313
)
 
(1,312
)
Accretion of preferred stock discount
(195
)
 
(181
)
 
(575
)
 
(533
)
Net income available to common shareholders
$
5,200

 
$
2,583

 
$
16,329

 
$
(1,258
)
 
 
 
 
 
 
 
 
Impact of assumed conversions
 
 
 
 
 
 
 
Interest on 9% convertible trust preferred securities, net of income tax
371

 
—

 
1,113

 
—

Net income available to common shareholders and assumed conversions
$
5,571

 
$
2,583

 
$
17,442

 
$
(1,258
)
 
 
 
 
 
 
 
 
Weighted average common shares outstanding
17,741

 
14,854

 
16,322

 
14,710

Incremental shares from assumed conversions of convertible trust preferred securities
1,439

 
—

 
1,439

 
—

Additional dilutive common stock equivalents
22

 
—

 
20

 
—

Diluted common shares outstanding
19,202

 
14,854

 
17,781

 
14,710

 
 
 
 
 
 
 
 
Basic earnings per common share:
$
0.29

 
$
0.17

 
$
1.00

 
$
(0.09
)
Diluted earnings per common share:
$
0.29

 
$
0.17

 
$
0.98

 
$
(0.09
)

For the three months ended September 30, 2011 and 2010, there were 421,000 and 2.4 million of weighted average common stock equivalents excluded from the per share calculations because their effect was anti-dilutive. For the nine months ended September 30, 2011 and 2010, there were 565,000 and 2.4 million of weighted average common stock equivalents excluded from the per share calculations because their effect was anti-dilutive. In addition, at September 30, 2011 and 2010, the Company had outstanding warrants issued to the United States Treasury under the U.S. Treasury Capital Purchase Program to purchase 324,074 shares of common stock which were excluded from the per common share calculation because their effect was also anti-dilutive.