Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2014

Equity [Abstract]

Changes in Stockholders' Equity

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

Activities Under Equity Plan

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

Summary of Outstanding RSUs under 2011 LTIP

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

Schedule of Stock Based Compensation Expense for Awards Under Equity Plans

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

Cash Dividends Declared

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.

Basic and Diluted Net Income Per Common Shares

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