Earnings Per Share

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share

2. Earnings Per Share

The following sets forth the computation of basic net income per common share and diluted net income per common share:

	Year Ended December 31,
(In thousands, except per share data)	2013		2012		2011
Basic: Income available to common shareholders	$	40,564	$	28,430	$	18,068
Less: Income attributable to participating securities (Series C preferred stock)		1,980		1,999		1,304
Income attributable to common shareholders	$	38,584	$	26,431	$	16,764
Weighted-average common shares outstanding		16,203,919		12,952,751		10,794,639
Basic earnings per share	$	2.38	$	2.04	$	1.55
Diluted: Income attributable to common shareholders	$	38,584	$	26,431	$	16,764
Weighted-average common shares outstanding		16,203,919		12,952,751		10,794,639
Effect of dilutive securities:
Stock options outstanding		337,371		108,537		37,754
Warrants		82,824		51,503		28,535
Weighted-average common shares outstanding – assuming dilution		16,624,114		13,112,791		10,860,928
Diluted earnings per share	$	2.32	$	2.02	$	1.54

For the years ended December 31, 2012 and 2011, the calculations of diluted earnings per share outstanding exclude the effect from the assumed exercise of 87,059 shares of warrants outstanding, respectively. This amount would have had an antidilutive effect on earnings per share. For the year ended December 31, 2012, the calculation of diluted earnings per share outstanding also exclude the effect from the assumed exercise of 264,000 shares of stock options outstanding. These amounts would have had an antidilutive effect on earnings per share.