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Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2015

Changes in Stockholders’ Equity. Changes in stockholders’ equity for the three months ended March 31, 2015 consisted of:



	(Dollars in thousands)
Balance at January 1, 2015	$	279,059
Net income for the three months ended March 31, 2015	3,917
Cash dividends declared	(2,749		)
Amortization of stock based compensation	443
Stock repurchase - 2011 LTIP	(3,825		)
Stock repurchase - other	(466		)
Other	(127		)
Balance at March 31, 2015	$	276,252

Activities Under Equity Plan

The following table summarizes the activities under the 2012 Equity Incentive Award Plan (the "2012 Equity Plan") from inception through March 31, 2015:



	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	(60,290	)
Less: Short-Term Incentive Plan (“STIP”) common stock awarded to an eligible employee	(41,702	)
Less: 2015 LTIP RSUs awarded to eligible employees	(254,777	)
Total equity securities available at March 31, 2015	1,487,484

Summary of Outstanding RSUs under 2011 LTIP

The following table details activities with respect to RSUs issued and outstanding under the 2015 LTIP for the three months ended March 31, 2015:



	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, 2015	—	$	—
Granted	254,777	17.36
Vested	—	—
Forfeited	—	—
Non-vested RSUs at March 31, 2015	254,777	$	17.36	$	4,073	33

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 2015 LTIP and predecessor 2011 LTIP:



	For the Three Months Ended March 31,
Equity Awards	2015		2014
	(Dollars in thousands)
2011 LTIP	$	—	$	1,014
2015 LTIP	350		—
Board of Directors Compensation	93		72
Total stock based compensation	$	443	$	1,086

Cash Dividends Declared

Cash dividends on 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 4	March 18	March 30	$	0.125	$	2,715
	Total		$	0.125	$	2,715


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

Class of Treasury Stock

The following table presents information with respect to purchases made by the Company during the three months ended March 31, 2015:



Period	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of the Publicly Announced Plans or Programs	Approximate Dollar Value of Shares That May Yet Be Purchased Under the Publicly Announced Plans or Programs
					(Dollars in thousands)
Beginning Balance					$	15,000
January 1 through January 31, 2015	16,031	$	16.92	16,031	14,729
February 1 through February 28, 2015	1,234	16.98		1,234	14,708
March 1 through March 31, 2015	230,532	17.34		10,202	14,536
Total	247,797	$	17.31	27,467

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,
	2015		2014
	(Dollars in thousands, except share and per share amounts)
Net income	$	3,917	$	4,890
Weighted average shares of common stock outstanding	21,898,792		21,638,198
Dilutive effect of restricted stock and RSUs	154,223		399,598
Weighted average shares of common stock and common stock equivalents	22,053,015		22,037,796
Net income per common share
Basic	$	0.18	$	0.23
Diluted	$	0.18	$	0.22