Earnings Per Common Share

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings Per Common Share

Basic net income per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding for the reporting periods. Diluted net income available to common shareholders per common share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. The numerators of the basic net income per common share computations are the same as the numerators of the diluted net income per common share computations for all the periods presented. Weighted average shares outstanding for the three months ended March 31, 2013 excludes 527,620 shares of unvested restricted stock. Weighted average shares outstanding for the three months ended March 31, 2012 excludes 119,669 shares of unvested restricted stock. A reconciliation of the denominator of the basic net income per common share computations to the denominator of the diluted net income per common share computations is as follows:

	Three Months Ended
	March 31,
	2013	2012
Basic EPS denominator:
Weighted average number of common shares outstanding	42,595,147	19,378,198
Dilutive potential common shares	6,126	—
Diluted EPS denominator	42,601,273	19,378,198

For the quarter ended March 31, 2013 and 2012, net income for determining net income per common share was reported as net income less the dividend on preferred stock. During the quarter ended March 31, 2013, there were 254,667 warrants and stock options that were not considered dilutive because the exercise prices exceeded the average market price per share and 561,590 shares of restricted stock not considered dilutive because they were antidilutive under the treasury stock method or because performance and service criteria had not been met. During the quarter ended March 31, 2012 there were 265,694 warrants and stock options that were not considered dilutive. The non-dilutive options had exercise prices ranging from $3.04 to $19.07 per share.