Earnings Per Common Share

3 Months Ended

Mar. 31, 2013

Earnings Per Common Share [Abstract]

Earnings Per Common Share

6.    Earnings Per Common Share

	2013		2012
	(in thousands, except
	per share amounts)
Net income applicable to common stock	$	4,712	$	2,448
Convertible preferred stock dividends		1,095		1,056
Net income applicable to common stock for calculation of diluted  earnings per share	$	5,807	$	3,504
Weighted average shares outstanding (1)		9,266		8,534
Effect of convertible preferred stock		12,026		38,618
Restricted stock units		361		140
Stock units for deferred compensation plan for non-employee directors		117		26
Effect of stock options		61		-
Weighted average shares outstanding for calculation of diluted earnings per share		21,831		47,318
Net income per common share
Basic (1)	$	0.51	$	0.29
Diluted	$	0.27	$	0.07

(1)Basic net income per common share includes weighted average common shares outstanding during the period and participating share awards.

Weighted average stock options outstanding that were not included in weighted average shares outstanding for calculation of diluted earnings per share because they were anti-dilutive totaled 0.04 million and 0.2 million for the three-month periods ended March 31, 2013 and 2012, respectively.The warrant to purchase 346,154 shares of our common stock (see Note #15) was not included in weighted average shares outstanding for calculation of diluted earnings per share in all periods in 2013 and 2012 as it was anti-dilutive.