Earnings Per Share

3 Months Ended

Mar. 31, 2013

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 trust preferred securities.

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

	Three months ended March 31,
(in thousands, except per share data)	2013		2012
Net income as reported	$	10,040	$	6,185
Preferred stock dividend	—		(438		)
Accretion of preferred stock discount	—		(203		)
Net income available to common shareholders	$	10,040	$	5,544
Impact of assumed conversions
Interest on 9% convertible trust preferred securities, net of income tax	354		371
Net income available to common shareholders and assumed conversions	$	10,394	$	5,915
Weighted average common shares outstanding	18,011		17,790
Incremental shares from assumed conversions of convertible trust preferred securities	1,439		1,439
Additional dilutive common stock equivalents	74		14
Weighted average diluted common shares outstanding	19,524		19,243
Basic earnings per common share:	$	0.56	$	0.31
Diluted earnings per common share:	$	0.53	$	0.31

There were 515,550 common stock equivalents (including 28,807 average common stock warrants) for the three months ended March 31, 2013, and 1.0 million common stock equivalents (including 324,074 common stock warrants) for the three months ended March 31, 2012 which were excluded from the earnings per share calculations because their effect was anti-dilutive.