Earnings Per Share

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Note 10 — Earnings Per Share

U.S. GAAP requires the Company to use the two-class method in computing basic earnings per share since holders of the Company’s restricted stock have the right to share in dividends, if declared, equally with common stockholders. These participating securities effect the computation of both basic and diluted earnings per share during periods of net income.

A summary of the numerator and denominator of the basic and diluted earnings per common share is presented below (dollars and shares in thousands, except per share amounts):

	Three Months Ended March 31, 2013							Three Months Ended March 31, 2012
	Income (Numerator)			Shares (Denominator)		Per Share Amount		Income (Numerator)			Shares (Denominator)		Per Share Amount
Net income	$	20,387						$	6,968
Less: Preferred stock dividends		(34	)						(181	)
Less: Income attributable to participating securities		(459	)						—
Basic Earnings Per Share:
Income allocated to common stockholders		19,894			10,650	$	1.87		6,787			6,326	$	1.07
Effect of Dilutive Securities:
Stock options		—			159				—			240
Convertible preferred stock		34			222				181			1,207
Warrants		—			—				—			128
Diluted Earnings Per Share:
Income available to common stockholders and assumed conversions	$	19,928			11,031	$	1.81	$	6,968			7,901	$	0.88