BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE C — BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE

Equivalent shares of 496,000 and 137,000 related to stock options, and stock settled appreciation rights for each of the periods ended September 30, 2014 and 2013, respectively, were excluded from the computation of diluted EPS because they would have been anti-dilutive.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(Dollars in thousands, except per share data)	2014		2013		2014		2013
Basic:
Net income available to common shareholders	$	2,996	$	44,204	$	7,213	$	47,328
Average basic shares outstanding		25,887,591		18,805,917		25,736,140		18,796,726
Basic earnings per share	$	0.12	$	2.35	$	0.28	$	2.52
Diluted:
Net income available to common shareholders	$	2,996	$	44,204	$	7,213	$	47,328
Average basic shares outstanding		25,887,591		18,805,917		25,736,140		18,796,726
Employee restricted stock		138,102		292,114		158,741		190,482
Average diluted shares outstanding		26,025,693		19,098,031		25,894,881		18,987,208
Diluted earnings per share	$	0.12	$	2.31	$	0.28	$	2.49