Stockholders' Equity

6 Months Ended

Jun. 30, 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 six months ended June 30, 2014 consisted of:

	(Dollars in thousands)
Balance at January 1, 2014	$	269,950
Net income for the six months ended June 30, 2014	9,181
Cash dividends declared	(5,503		)
Amortization of stock based compensation	1,710
Other	19
Balance at June 30, 2014	$	275,357

General. At June 30, 2014 and December 31, 2013, there were 21,663,909 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 June 30, 2014:

	Activity
Total equity securities available at May 16, 2012	2,194,986
Add: 2011 LTIP RSUs forfeited by eligible employees	209,382
Add: Restricted stock forfeited by non-executive member 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	(41,849	)
Less: Short-Term Incentive Plan (“STIP”) common stock awarded to an eligible employee	(41,702	)
Total equity securities available at June 30, 2014	1,766,522

The following table details activities with respect to outstanding RSUs under the 2011 LTIP for the three months ended June 30, 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 April 1, 2014	617,027		$	12.30
Granted	—		—
Vested	—		—
Forfeited	(57,338	)	11.20
Non-vested RSUs at June 30, 2014	559,689		$	12.41	$	1,859	6

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

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
Equity Awards	2014		2013		2014		2013
	(Dollars in thousands)
2011 LTIP	$	542	$	568	1,556		1,134
Board of Directors Compensation	82		60		154		120
Total stock based compensation	$	624	$	628	$	1,710	$	1,254

The increase in stock based compensation for the six months ended June 30, 2014 compared to 2013 was due to an increase in outstanding RSUs to 559,689 RSUs compared to 508,118 RSUs at June 30, 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 six months ended June 30, 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
April 30	May 22	June 25	$	0.125	$	2,707
	Total		$	0.250	$	5,414

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

Future Cash Dividends to Stockholders. On July 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 August 19, 2014, and a payment date of September 10, 2014. This cash dividend of approximately $2.7 million will be paid from available cash on hand.

Additional Paid-in Capital. For the six months ended June 30, 2014, additional paid-in capital increased by $1.7 million to $129.0 million at June 30, 2014 from $127.3 million at December 31, 2013. The increase in the six months ended June 30, 2014 was due primarily to recognition 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 June 30,				For the Six Months Ended June 30,
	2014		2013		2014		2013
	(Dollars in thousands, except share and per share amounts)
Net income	$	4,291	$	6,828	$	9,181	$	13,753
Weighted average shares of common stock outstanding	21,642,163		21,644,281		21,640,191		21,666,096
Dilutive effect of restricted stock and RSUs	457,628		182,868		433,063		255,646
Weighted average shares of common stock and common stock equivalents	22,099,791		21,827,149		22,073,254		21,921,742
Net income per common share
Basic	$	0.20	$	0.32	$	0.42	$	0.63
Diluted	$	0.19	$	0.31	$	0.42	$	0.63