Earnings Per Share

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Note S    Earnings Per Share

Basic earnings per common share were computed by dividing net income (loss) available to common shareholders by the weighted average number of shares of common stock outstanding during the year.

The number of shares utilized to compute earnings per share for the years ended December 31, 2013, 2012 and 2011, have been restated to reflect a 1 for 5 reverse stock split effective December 13, 2013.

In 2013, 2012, and 2011, options and warrants to purchase 102,000, 87,000, and 225,000 shares , respectively, were antidilutive and accordingly were excluded in determining diluted earnings per share. 

	Year Ended December 31
	Net Income (Loss)			Shares		Per Share Amount
	(Dollars in thousands, except per share data)
2013
Basic Earnings Per Share
Income available to common shareholders	$	47,916			19,449,560	$	2.46
Diluted Earnings Per Share
Employee restricted stock (See Note J)					200,445
Income available to common shareholders plus assumed conversions	$	47,916			19,650,005	$	2.44
2012
Basic and diluted Earnings Per Share
Loss available to common shareholders	$	(4,458	)		18,748,757	$	(0.24	)
2011
Basic Earnings Per Share
Income available to common shareholders	$	2,919			18,702,397	$	0.16
Diluted Earnings Per Share
Employee restricted stock (See Note J)					57,818
Income available to common shareholders plus assumed conversions	$	2,919			18,760,215	$	0.16