Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2014

Changes in Stockholders’ Equity. Changes in stockholders’ equity for the nine months ended September 30, 2014 consisted of:



	(Dollars in thousands)
Balance at January 1, 2014	$	269,950
Net income for the nine months ended September 30, 2014	13,833
Cash dividends declared	(8,283		)
Amortization of stock based compensation	2,816
Other	(34		)
Balance at September 30, 2014	$	278,282

Activities Under Equity Plan

The following table summarizes the activities under the 2012 Equity Incentive Award Plan (the "2012 Equity Plan") from inception through September 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 shares of common stock ("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: Common stock awarded to eligible employees	(5,820	)
Less: Restricted stock awarded to non-executive members of the Board of Directors	(47,855	)
Less: Short-Term Incentive Plan (“STIP”) common stock awarded to an eligible employee	(41,702	)
Total equity securities available at September 30, 2014	1,754,696

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 September 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 July 1, 2014	559,689	$	12.41
Granted	—	—
Vested	—	—
Forfeited	—	—
Non-vested RSUs at September 30, 2014	559,689	$	12.41	$	930	3

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 2012 Equity Plan and predecessor equity plan:



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Equity Awards	2014		2013		2014		2013
	(Dollars in thousands)
Common stock	$	85	$	—	$	85	$	—
2011 LTIP	930		906		2,486		2,040
Board of Directors Compensation	91		40		245		160
Total stock based compensation	$	1,106	$	946	$	2,816	$	2,200

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
April 30	May 22	June 25	0.125		2,707
July 30	August 19	September 10	0.125		2,707
	Total		$	0.375	$	8,121


⁽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 September 30,				For the Nine Months Ended September 30,
	2014		2013		2014		2013
	(Dollars in thousands, except share and per share amounts)
Net income	$	4,652	$	5,762	$	13,833	$	19,515
Weighted average shares of common stock outstanding	21,651,347		21,629,289		21,643,951		21,653,692
Dilutive effect of restricted stock and RSUs	484,207		289,949		445,941		262,371
Weighted average shares of common stock and common stock equivalents	22,135,554		21,919,238		22,089,892		21,916,063
Net income per common share
Basic	$	0.21	$	0.27	$	0.64	$	0.90
Diluted	$	0.21	$	0.26	$	0.63	$	0.89