Earnings Per Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share

4. EARNINGS PER SHARE

Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted average number of shares outstanding for the applicable period. Diluted earnings per share is computed based on the weighted average number of shares outstanding plus the effect of any dilutive shares of restricted stock granted to employees and non-employee directors. There were approximately 5,400 and 6,500 anti-dilutive restricted shares as of September 30, 2014 and September 30, 2013, respectively.

The following table sets forth the computation of basic and diluted shares (in thousands, except per share and share amounts):

	Three months ended				Nine months ended
	September 30,				September 30,
	2014		2013		2014		2013
Net income	$	7,118	$	4,301	$	21,271	$	12,074
Weighted average shares outstanding - basic		7,525,489		7,374,600		7,507,937		7,347,376
Dilutive potential shares from unvested restricted shares		208,820		222,401		293,136		320,475
Weighted average shares outstanding - diluted		7,734,309		7,597,001		7,801,073		7,667,851
Earnings per share:
Basic	$	0.95	$	0.58	$	2.83	$	1.64
Diluted	$	0.92	$	0.57	$	2.73	$	1.57