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Earnings Per Share
 6 Months Ended
Jun. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Share
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. Common shares outstanding include common stock and restricted stock awards where recipients have satisfied the vesting terms. 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 June 30,
 
Six months ended June 30,
(in thousands, except per share data)
2012
 
2011
 
2012
 
2011
Net income as reported
$
8,766

 
$
8,273

 
$
14,951

 
$
12,385

Preferred stock dividend
(438
)
 
(438
)
 
(875
)
 
(875
)
Accretion of preferred stock discount
(206
)
 
(192
)
 
(410
)
 
(381
)
Net income available to common shareholders
$
8,122

 
$
7,643

 
$
13,666

 
$
11,129

 
 
 
 
 
 
 
 
Impact of assumed conversions
 
 
 
 
 
 
 
Interest on 9% convertible trust preferred securities, net of income tax
371

 
371

 
742

 
742

Net income available to common shareholders and assumed conversions
$
8,493

 
$
8,014

 
$
14,408

 
$
11,871

 
 
 
 
 
 
 
 
Weighted average common shares outstanding
17,833

 
17,140

 
17,808

 
15,601

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

 
1,439

 
1,439

 
1,439

Additional dilutive common stock equivalents
14

 
23

 
32

 
20

Diluted common shares outstanding
19,286

 
18,602

 
19,279

 
17,060

 
 
 
 
 
 
 
 
Basic earnings per common share:
$
0.46

 
$
0.45

 
$
0.77

 
$
0.71

Diluted earnings per common share:
$
0.44

 
$
0.43

 
$
0.75

 
$
0.70



For the three months ended June 30, 2012 and 2011, the amount of common stock equivalents that were excluded from the earnings per share calculations because their effect was anti-dilutive was 1.1 million (including 324,074 common stock warrants) and 782,266 common stock equivalents (including 324,074 common stock warrants), respectively. For the six months ended June 30, 2012 and 2011, the amount of common stock equivalents that were excluded from the earnings per share calculations because their effect was anti-dilutive was 1.0 million (including 324,074 common stock warrants) and 925,049 (including 324,074 common stock warrants), respectively.