Earnings per Share

3 Months Ended

Mar. 31, 2014

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 months ended March 31, 2014 and 2013:

	Three Months Ended
	March 31,
(In thousands, except per share amounts)	2014			2013
NUMERATOR
Net income	$	12,632		$	4,587
Preferred stock dividends	(1,219		)	—
Excess of fair value over book value of preferred shares redeemed	—			(2,190		)
Net income to common shareholders	11,413			2,397
Interest on 3.25% convertible senior subordinated notes due 2017	358			—
Interest on 3.00% convertible senior subordinated notes due 2018	482			—
Diluted income available to common shareholders	$	12,253		$	2,397
DENOMINATOR
Basic weighted average shares outstanding	24,417			22,273
Effect of dilutive securities:
Stock option awards	239			296
Deferred compensation awards	129			119
3.25% convertible senior subordinated notes due 2017	2,416			—
3.00% convertible senior subordinated notes due 2018	2,669			—
Diluted weighted average shares outstanding - adjusted for assumed conversions	29,870			22,688
Earnings per common share
Basic	$	0.47		$	0.11
Diluted	$	0.41		$	0.11
Anti-dilutive equity awards not included in the calculation of diluted earnings per common share	1,154			856

During the first quarter of 2014, 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 March 17, 2014 to holders of record as of March 1, 2014 for $1.2 million in cash. This charge reduced net income to common shareholders in the earnings per share calculation above for the three month period ended March 31, 2014.

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 three months ended March 31, 2013. On April 10, 2013, the Company redeemed the 2,000 Series A Preferred Shares for $50.4 million in cash.

During the quarter ended March 31, 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 both periods presented.

For the three months ended March 31, 2014, the effect of convertible debt was included in the diluted earnings per share calculations. For the three months ended March 31, 2013, the effect of convertible debt was not included in the diluted earnings per share calculations as it would have been anti-dilutive.