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Net Income Per Share
9 Months Ended
Sep. 30, 2011
Net Income Per Share
NOTE 9. Net Income Per Share

Basic net income per share is computed by dividing net income by the weighted-average shares outstanding during the reporting period. Diluted net income per share is computed by dividing net income by the combination of all dilutive common share equivalents, comprised of shares issuable under the Corporation’s share-based compensation plans, and the weighted-average shares outstanding during the reporting period.

Dilutive common share equivalents include the dilutive effect of in-the-money share-based awards, which are calculated based on the average share price for each period using the treasury stock method. Under the treasury stock method, the exercise price of share-based awards, the amount of compensation expense, if any, for future service that the Corporation has not yet recognized, and the amount of estimated tax benefits that would be recorded in additional paid-in capital when share-based awards are exercised, are assumed to be used to repurchase common stock in the current period.

   
Three Months Ended September 30,
  
   
2011
    
2010
  
   
Net Income (Loss)
    
Weighted-Average Shares
    
Per Share Amount
    
Net Income
    
Weighted-Average Shares
    
Per Share Amount
  
Basic net income per share:
  
$
6,742
                
$
1,635
              
Loss on extinguishment of trust preferred securities
    
(10,857
)
                                
Loss on CPP unamortized discount
    
(1,401
)
                                
Preferred Stock dividends and discount accretion
    
(868
)
                
(870
)
            
Net income (loss) available to common stockholders
    
(6,384
)
    
26,367,067
    
$
(0.25
)
    
765
      
25,550,222
    
$
0.02
  
Effect of dilutive stock options and warrants
                                    
135,316
          
Diluted net income (loss) per share:
                                                
Net income (loss) available to common stockholders
  
$
(6,384
)
    
26,367,067
    
$
(0.25
)
  
$
765
      
25,685,538
    
$
0.02
  


Stock options to purchase 1,008,957 and 1,029,668 shares for the three months ended September 30, 2011, and 2010, respectively, were not included in the earnings per share calculation because the exercise price exceeded the average market price.

   
Nine Months Ended September 30,
  
   
2011
    
2010
  
   
Net Income
    
Weighted-Average Shares
    
Per Share Amount
    
Net Income
    
Weighted-Average Shares
    
Per Share Amount
  
Basic net income per share:
  
$
17,691
                
$
2,878
              
Gain on exchange of preferred stock for trust preferred debt
                        
10,052
              
Loss on extinguishment of trust preferred securities
    
(10,857
)
                                
Loss on CPP unamortized discount
    
(1,401
)
                                
Less: Preferred Stock dividends and discount accretion
    
(2,846
)
                
(3,763
)
            
Net income available to common stockholders
    
2,587
      
25,879,277
    
$
0.10
      
9,167
      
24,164,224
    
$
0.38
  
Effect of dilutive stock options and warrants
            
139,659
                      
108,666
          
Diluted net income per share:
                                                
Net income available to common stockholders
  
$
2,587
      
26,018,936
    
$
0.10
    
$
9,167
      
24,272,890
    
$
0.38
  


Stock options to purchase 1,024,775 and 1,061,571 shares for the nine months ended September 30, 2011, and 2010, respectively, were not included in the earnings per share calculation because the exercise price exceeded the average market price.