Earnings Per Share

12 Months Ended

Dec. 31, 2012

Earnings Per Share

17. Earnings Per Share

The computation of basic and diluted earnings per share is as follows:

	Years Ended December 31,
	2012			2011			2010
($ in thousands, except per share amounts)
Net Income	$	37,773		$	145,420		$	9,642
Noncontrolling interests		(101	)		—			—
Preferred stockholder dividends		—			(9,482	)		(3,289	)
Allocation of earnings to preferred stockholders		(64	)		(24,260	)		(1,144	)
Net Income Attributable to Common Stockholders	$	37,608		$	111,678		$	5,209
Shares:
Basic: Weighted-average number of shares outstanding		7,727			6,211			6,014
Plus: Incremental shares from assumed conversion of dilutive instruments		346			623			423
Diluted: Weighted-average number of shares outstanding		8,073			6,834			6,437
Earnings (loss) per share—basic	$	4.87		$	17.98		$	0.87
Earnings (loss) per share—diluted	$	4.66		$	16.34		$	0.81

For the years ended December 31, 2012 and 2011, there were no non-participating securities (stock options) excluded from the above computations of weighted-average shares for diluted earnings per share, respectively. For the year ended December 31, 2010, non-participating securities (stock options) representing 150,738 shares of common stock were excluded from the above computations of weighted-average shares for diluted earnings per share due to the antidilutive effect of the securities’ exercise prices as compared to the average market price of the common shares during the period.