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Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2015

Changes in stockholders’ equity for the six months ended June 30, 2015 consisted of:



	(Dollars in thousands)
Balance at January 1, 2015	$	279,059
Net income for the six months ended June 30, 2015	7,293
Cash dividends declared	(5,497		)
Amortization of stock based compensation	1,104
Stock repurchase - 2011 LTIP	(3,825		)
Stock repurchase - other	(3,475		)
Other	(268		)
Balance at June 30, 2015	$	274,391

Activities Under Equity Plan

The following table summarizes the activities under the 2012 Equity Incentive Award Plan (the "2012 Equity Plan") from inception through June 30, 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	(65,113	)
Less: STIP	(41,702	)
Less: 2015 LTIP RSUs awarded to eligible employees	(255,925	)
Total equity securities available at June 30, 2015	1,481,513

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 June 30, 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 April 1, 2015	254,777	$	17.36
Granted	1,148	17.36
Vested	—	—
Forfeited	—	—
Non-vested RSUs at June 30, 2015	255,925	$	17.36	$	3,339	30

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 June 30,				For the Six Months Ended June 30,
Equity Awards	2015		2014		2015		2014
	(Dollars in thousands)

2011 LTIP	$	—	$	542	$	—	$	1,556
2015 LTIP	569		—		919		—
Board of Directors Compensation	93		82		185		154
Total stock based compensation	$	662	$	624	$	1,104	$	1,710

Cash Dividends Declared

The following table details our cash dividend payments made in 2015. Cash dividends paid as disclosed in the statements of cash flows for the six months ended June 30, 2015 and 2014 included previously declared cash dividends on shares of vested restricted stock issued to our non-executive directors. 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
April 30	May 22	June 25	0.125		2,713
	Total		$	0.125	$	5,428


⁽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 six months ended June 30, 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
April 1 through April 30, 2015	—	—		—	14,536
May 1 through May 30, 2015	38,898	16.94		38,898	13,876
June 1, through June 30, 2015	138,432	16.98		138,432	11,531
Total	425,127	$	17.17	204,797

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 June 30,				For the Six Months Ended June 30,
	2015		2014		2015		2014
	(Dollars in thousands, except share and per share amounts)
Net income	$	3,376	$	4,291	$	7,293	$	9,181
Weighted average shares of common stock outstanding	21,677,299		21,642,163		21,787,434		21,640,191
Dilutive effect of restricted stock and RSUs	58,530		457,628		56,157		433,063
Weighted average shares of common stock and common stock equivalents	21,735,829		22,099,791		21,843,591		22,073,254
Net income per common share
Basic	$	0.16	$	0.20	$	0.33	$	0.42
Diluted	$	0.16	$	0.19	$	0.33	$	0.42