Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2015

Changes in stockholders’ equity for the nine months ended September 30, 2015 consisted of:



	(Dollars in thousands)
Balance at January 1, 2015	$	279,059
Net income for the nine months ended September 30, 2015	11,515
Cash dividends declared	(8,197		)
Amortization of stock based compensation	1,497
Stock repurchase - 2011 LTIP	(3,825		)
Stock repurchase - other	(11,804		)
Other	(108		)
Balance at September 30, 2015	$	268,137

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, 2015:



	Activity
Total equity securities available at May 16, 2012	2,194,986
Add: 2011 LTIP RSUs forfeited by eligible employees	209,382
Add: 2015 LTIP RSUs forfeited by eligible employees	9,792
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	(70,607	)
Less: STIP	(41,702	)
Less: 2015 LTIP RSUs awarded to eligible employees	(260,899	)
Total equity securities available at September 30, 2015	1,480,837

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 September 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 July 1, 2015	255,925		$	17.36
Granted	4,974		16.72
Vested	—		—
Forfeited	(9,792	)	17.36
Non-vested RSUs at September 30, 2015	251,107		$	17.35	$	2,860	27

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 September 30,				For the Nine Months Ended September 30,
Equity Awards	2015		2014		2015		2014
	(Dollars in thousands)
Common stock	$	—	$	85	$	—	$	85
2011 LTIP	—		930		—		2,486
2015 LTIP	301		—		1,220		—
Board of Directors Compensation	93		91		277		245
Total stock based compensation	$	394	$	1,106	$	1,497	$	2,816

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 nine months ended September 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
July 28	August 19	September 10	0.125		2,666
	Total		$	0.375	$	8,094


⁽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 nine months ended September 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⁽¹⁾	Approximate Dollar Value of Shares That May Yet Be Purchased Under the Publicly Announced Plans or Programs⁽¹⁾⁽²⁾
					(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
July 1, through July 31, 2015	182,826	16.38		182,826	8,545
August 1, through August 31, 2015	156,408	16.63		156,408	5,950
September 1, through September 30, 2015	163,708	16.69		163,708	3,224
Total	928,069	$	16.84	707,739

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,
	2015		2014		2015		2014
	(Dollars in thousands, except share and per share amounts)
Net income	$	4,220	$	4,652	$	11,515	$	13,833
Weighted average shares of common stock outstanding	21,301,311		21,651,347		21,623,612		21,643,951
Dilutive effect of restricted stock and RSUs	51,527		484,207		63,914		445,941
Weighted average shares of common stock and common stock equivalents	21,352,838		22,135,554		21,687,526		22,089,892
Net income per common share
Basic	$	0.20	$	0.21	$	0.53	$	0.64
Diluted	$	0.20	$	0.21	$	0.53	$	0.63