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Earnings Per Common Share (Tables)
12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Summary of Computation of Basic and Diluted EPS

The following table presents a computation of basic and diluted EPS for the years ended December 31, 2013, 2012 and 2011:

 

(Dollars in thousands, except per share data)    December 31,  

Earnings Per Share

   2013      2012     2011  

NUMERATORS:

       

Net income from continuing operations

   $ 7,935       $ 7,560      $ 6,684   

Less:

       

Preferred stock dividends

     200         880        998   

Accretion on preferred stock

     0         0        269   

Benefit on repurchase and retirement of common stock warrant (1)

     0         0        (324
  

 

 

    

 

 

   

 

 

 

Net income from continuing operations available to common shareholders

   $ 7,735       $ 6,680      $ 5,741   
  

 

 

    

 

 

   

 

 

 

Net income from discontinued operations

   $ 0       $ 204      $ 1,120   

Less:

       

Net income from discontinued operations attributable to noncontrolling interest

     0         348        549   
  

 

 

    

 

 

   

 

 

 

Net (loss) income from discontinued operations attributable to controlling interest available to common shareholders

   $ 0       $ (144   $ 571   
  

 

 

    

 

 

   

 

 

 

DENOMINATORS:

       

Weighted average number of common shares outstanding—basic

     14,940         16,344        16,991   

Effect of potentially dilutive common shares (2)

     24         0        0   
  

 

 

    

 

 

   

 

 

 

Weighted average number of common shares outstanding—diluted

     14,964         16,344        16,991   

EARNINGS (LOSS) PER COMMON SHARE:

       

Basic attributable to continuing operations

   $ 0.52       $ 0.41      $ 0.34   

Basic attributable to discontinued operations

   $ 0       $ (0.01   $ 0.03   

Diluted attributable to continuing operations

   $ 0.52       $ 0.41      $ 0.34   

Diluted attributable to discontinued operations

   $ 0       $ (0.01   $ 0.03   

Anti-dilutive options not included in earnings per share calculation

     115,837         342,437        214,580   

Anti-dilutive warrants not included in earnings per share calculation

     0         0        0   

 

(1) During October 2011, the Company repurchased and retired the common stock warrant issued to the holders of Series A, preferred stock pursuant to the TARP CPP, for $125 thousand. The transaction resulted in a net benefit of $324 thousand which is reported in retained earnings to common shareholders. See Note 20, Shareholders Equity in these Consolidated Financial Statements for further information regarding this transaction.
(2) Represents the effects of the assumed exercise of warrants, assumed exercise of stock options, vesting of non-participating restricted shares, and vesting of restricted stock units, based on the treasury stock method.