Earnings per Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Earnings Per Share

The table below presents a reconciliation between basic and diluted weighted average shares outstanding, net income available to common shareholders and basic and diluted income per share for the three and six months ended June 30, 2013 and 2012:

	Three Months Ended					Six Months Ended
	June 30,					June 30,
(In thousands, except per share amounts)	2013			2012		2013			2012
NUMERATOR
Net income	$	7,264		$	3,204	$	11,851		$	18
Preferred stock dividends	(1,219		)	—		(1,219		)	—
Excess of fair value over book value of preferred shares redeemed	—			—		(2,190		)	—
Net income to common shareholders	6,045			3,204		8,442			18
DENOMINATOR
Basic weighted average shares outstanding	24,271			18,833		23,278			18,803
Effect of dilutive securities:
Stock option awards	262			74		278			61
Deferred compensation awards	113			124		115			134
Diluted weighted average shares outstanding - adjusted for assumed conversions	24,646			19,031		23,671			18,998
Earnings per common share
Basic	$	0.25		$	0.17	$	0.36		$	—
Diluted	$	0.25		$	0.17	$	0.36		$	—
Anti-dilutive equity awards not included in the calculation of diluted earnings per common share	998			1,635		928			1,287

During the second quarter of 2013, the Company declared a cash dividend of $609.375 per preferred share on its 2,000 outstanding Series A Preferred Shares. The dividend was paid on June 17, 2013 to holders of record as of June 1, 2013 for $1.2 million in cash.

In March 2013, the Company announced its intention to redeem 2,000 of its outstanding Series A Preferred Shares and recognized a $2.2 million non-cash equity charge in the first quarter of 2013 related to the excess of fair value over carrying value relating primarily to the original issuance costs that were paid in 2007. This charge reduced net income to common shareholders in the earnings per share calculation above for the six month period ended June 30, 2013. On April 10, 2013, the Company redeemed the 2,000 Series A Preferred Shares for $50.4 million in cash.

In March 2013, the Company also issued 2.461 million common shares in a public offering at a price of $23.50 per share (for net proceeds of $54.6 million), which shares are included above in our total basic weighted average shares outstanding for the six month period ended June 30, 2013.

For the three and six months ended June 30, 2013, the effect of convertible debt was not included in the diluted earnings per share calculations as its assumed conversion would have been anti-dilutive.