Stockholders' Equity

3 Months Ended

Mar. 31, 2014

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity — Our authorized capital stock consists of 75 million shares of common stock, par value $0.0001 per share, and 25 million shares of preferred stock, par value $0.0001 per share.

Changes in Stockholders’ Equity. Changes in stockholders’ equity for the three months ended March 31, 2014 consisted of:

	(Dollars in thousands)
Balance at January 1, 2014	$	269,950
Net income for the three months ended March 31, 2014	4,890
Cash dividends declared	(2,785		)
Amortization of stock based compensation	1,086
Other	14
Balance at March 31, 2014	$	273,155

General. At March 31, 2014 and December 31, 2013, there were 21,658,816 and 21,652,341 shares of common stock outstanding, respectively, and no shares of preferred stock outstanding.

The following table summarizes the activities under the 2012 Equity Plan from inception through March 31, 2014:

	Activity
Total equity securities available at May 16, 2012	2,194,986
Add: 2011 LTIP RSUs forfeited by eligible employees	152,044
Add: Restricted stock forfeited by non-executive members of the Board of Directors	3,189
Less: 2011 LTIP RSUs awarded to eligible employees	(557,484	)
Less: Restricted stock awarded to non-executive members of the Board of Directors	(36,756	)
Less: Short-Term Incentive Plan (“STIP”) common stock awarded to an eligible employee	(41,702	)
Total equity securities available at March 31, 2014	1,714,277

The following table details activities with respect to outstanding RSUs under the 2011 LTIP for the three months ended March 31, 2014:

	Shares	Weighted- Average Grant Date Fair Value		Total Unrecognized Compensation Cost (net of estimated forfeitures) (In thousands)		Weighted-Average Period Over Which Cost is  Expected to be Recognized (In months)
Non-vested RSUs at January 1, 2014	617,027	$	12.30
Granted	—	—
Vested	—	—
Forfeited	—	—
Non-vested RSUs at March 31, 2014	617,027	$	12.30	$	3,043	9

The following table reflects the stock based compensation expense for the awards under the Equity Plans:

	For the Three Months Ended March 31,
Equity Awards	2014		2013
	(Dollars in thousands)
2011 LTIP	$	1,014	$	566
Board of Directors Compensation	72		60
Total stock based compensation	$	1,086	$	626

The increase in stock based compensation for the three months ended March 31, 2014 compared to 2013 was due to an increase in outstanding RSUs to 617,027 RSUs compared to 504,600 RSUs at March 31, 2013.

Cash Dividends to Stockholders. The following table details our cash dividend payments made in 2014. Cash dividends paid as disclosed in the statements of cash flows for the three months ended March 31, 2014 and 2013 included previously declared cash dividends on shares of vested restricted stock issued to our non-executive directors. Cash dividends on the RSUs and restricted stock have been accrued and are paid when the applicable vesting conditions are met. Accrued cash dividends on forfeited restricted stock and RSUs are also forfeited.

Declaration Date	Record Date	Payment Date	Per Share Amount		Total  Payment(1)
					(Dollars in thousands)
March 5	March 18	March 28	$	0.125	$	2,707
	Total		$	0.125	$	2,707

⁽¹⁾  The total payment reflects the cash dividends paid in relation to common stock and vested restricted stock.

Future Cash Dividends to Stockholders. On April 30, 2014, our Board of Directors declared a regular quarterly cash dividend of $0.125 per share of common stock, with a record date of May 22, 2014, and a payment date of June 25, 2014. This cash dividend of approximately $2.7 million will be paid from available cash on hand.

Additional Paid-in Capital. For the three months ended March 31, 2014, additional paid-in capital increased by $1.1 million to $128.4 million at March 31, 2014 from $127.3 million at December 31, 2013. The increase in the three months ended March 31, 2014 was due primarily to amortization of stock based compensation.

Net Income per Common Share. Basic net income per common share is computed on the basis of the weighted average common shares outstanding. Diluted net income per common share is computed on the basis of the weighted average common shares outstanding plus the effect of all potentially dilutive common shares including outstanding restricted stock and RSUs, which are treated as contingently issuable shares, using the “treasury stock” method. The components of basic and diluted net income per common share were as follows for the periods stated:

	For the Three Months Ended March 31,
	2014		2013
	(Dollars in thousands, except share and per share amounts)
Net income	$	4,890	$	6,925
Weighted average shares of common stock outstanding	21,638,198		21,688,153
Dilutive effect of restricted stock and RSUs	399,598		216,709
Weighted average shares of common stock and common stock equivalents	22,037,796		21,904,862
Net income per common share
Basic	$	0.23	$	0.32
Diluted	$	0.22	$	0.32