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Net Income per Share of Common Stock
 12 Months Ended
Dec. 31, 2011
Net Income per Share of Common Stock [Abstract]  
Net Income per Share of Common Stock
Net Income per Share of Common Stock
The following table sets forth the computation of basic and diluted earnings per share:
Year ended December 31,
(dollars in thousands, except earnings per share)
2011
 
2010
 
2009
Numerator for earnings per share — Net income (loss) that is available to common shareholders
$
23,641

 
$
70,086

 
$
(28,788
)
 
 
 
 
 
 
Denominator for basic earnings per share — Weighted average shares outstanding
20,169,638

 
17,668,214

 
15,149,013

Effect of stock options, restricted stock units and performance shares
492,557

 
501,395

 
—

Effect of warrants
145,882

 
1,787,472

 
—

Total effect of dilutive securities(1)
638,439

 
2,288,867

 
—

Denominator for diluted earnings per share — Adjusted weighted average shares and assumed conversions
20,808,077

 
19,957,081

 
15,149,013

Basic earnings (loss) per share:
$
1.17

 
$
3.97

 
$
(1.90
)
Diluted earnings (loss) per share:
$
1.14

 
$
3.51

 
$
(1.90
)
___________________
(1) The effect of employee stock options, warrants, restricted stock units and performance shares, 733,908 shares for the year ended December 31, 2009, were anti-dilutive and thus not included in the earnings per share calculation. This amount would have been dilutive if not for the net loss.

When applicable, diluted shares outstanding include the dilutive impact of warrants and restricted stock units. Diluted shares also include the impact of in-the-money employee stock options, which are calculated based on the average share price for each fiscal period using the treasury stock method. Under the treasury stock method, the tax-effected proceeds that hypothetically would be received from the exercise of all in-the-money options are assumed to be used to repurchase shares.