Net Income per Share of Common Stock

12 Months Ended

Dec. 31, 2012

Earnings Per Share [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)	2012		2011		2010
Numerator for earnings per share:
Net income that is available to common shareholders	$	6,966	$	23,641	$	70,086
Denominator for basic earnings per share:
Weighted average shares outstanding	20,875,959		20,169,638		17,668,214
Effect of stock options and restricted stock units	439,252		492,557		501,395
Effect of warrants	—		145,882		1,787,472
Total effect of dilutive securities	439,252		638,439		2,288,867
Denominator for diluted earnings per share:
Adjusted weighted average shares and assumed conversions	21,315,211		20,808,077		19,957,081
Basic earnings per share	$	0.33	$	1.17	$	3.97
Diluted earnings per share	$	0.33	$	1.14	$	3.51

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.