EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2012

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 16—EARNINGS PER SHARE

The weighted average number of shares outstanding for the years ended December 31, 2012, 2011 and 2010 was 29,228,601, 28,715,521 and 24,411,496, respectively. Basic earnings per share excludes dilution and is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if common shares were issued pursuant to the exercise of common stock options under the Company’s stock option plans and if common shares were issued from the conversion of the convertible preferred stock. The dilutive calculation excludes 389,124 weighted average options outstanding for the year ended December 31, 2012, for which the exercise price exceeded the average market price of the Company’s common stock during this period. The dilutive calculation excludes 599,042 warrants and 647,421 and 781,174 weighted average options outstanding for the years ended December 31, 2011 and 2010, respectively, for which the exercise price exceeded the average market price of the Company’s common stock during these periods.

The following table illustrates the computations of basic and diluted earnings per share for the periods indicated.

	2012						2011						2010
	Diluted			Basic			Diluted			Basic			Diluted			Basic
	(in thousands, except per share data)
Net income as reported	$	9,274		$	9,274		$	23,383		$	23,383		$	1,410		$	1,410
Less preferred stock dividend declared		(1,250	)		(1,250	)		(2,555	)		(2,555	)		(1,250	)		(1,250	)
Net income available to common shareholders	$	8,024		$	8,024		$	20,828		$	20,828		$	160		$	160
Weighted average common shares outstanding		29,229			29,229			28,716			28,716			24,411			24,411
Warrants		—			—			—			—			—			—
Restricted stock		—			—			417			—			21			—
Options		27			—			—			—			—			—
Convertible preferred stock		333			—			318			—			303			—
Weighted average common shares outstanding		29,589			29,229			29,451			28,716			24,735			24,411
Earnings per common share	$	0.27		$	0.27		$	0.71		$	0.73		$	0.01		$	0.01