Income (Loss) Per Common Share (Tables)

3 Months Ended

Mar. 31, 2014

Computation of Basic and Diluted Net Income Per Common Share

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

(Dollars In Thousands, Except Per Share Amounts)


	Three Months Ended
	March 31,
	2014			2013
Numerator:
Net income (loss)	$	11,641		$	(68	)
Dividends on Series B Preferred		(240	)		(240	)
Dividends on Series D Preferred		(60	)		(60	)

Total dividends on preferred stocks		(300	)		(300	)

Numerator for basic net income (loss) per common share—net income (loss) applicable to common stock		11,341			(368	)
Dividends on preferred stocks assumed to be converted, if dilutive		300			—

Numerator for diluted net income (loss) per common share	$	11,641		$	(368	)

Denominator:
Denominator for basic net income (loss) per common share—weighted-average shares		22,532,522			22,423,616
Effect of dilutive securities:
Convertible preferred stocks		916,666			—
Stock options		190,519			—

Dilutive potential common shares		1,107,185			—

Denominator for diluted net income (loss) per common share—adjusted weighted-average shares and assumed conversions		23,639,707			22,423,616

Basic net income (loss) per common share	$	0.50		$	(0.02	)

Diluted net income (loss) per common share	$	0.49		$	(0.02	)

Antidilutive Securities Excluded from Computation of Earning Per Share

The following weighted-average shares of securities were not included in the computation of diluted net income (loss) per common share as their effect would have been antidilutive:


	Three Months Ended
	March 31,
	2014		2013
Convertible preferred stocks		—		916,666
Stock options		280,000		713,247

		280,000		1,629,913