Net Income per Share of Common Stock

3 Months Ended

Mar. 31, 2013

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:

	Three months ended March 31,
(dollars in thousands, except earnings per share)	2013		2012
Numerators for earnings per share:
Net income that is available to common shareholders	$	1,989	$	641
Denominator for basic earnings per share:
Weighted average shares outstanding	21,114,963		20,769,415
Denominator for diluted earnings per share:
Effect of stock options and restricted stock units	478,785		414,942
Adjusted weighted average shares and assumed conversions	21,593,748		21,184,357
Basic earnings per share	$	0.09	$	0.03
Diluted earnings per share	$	0.09	$	0.03

When applicable, diluted shares outstanding include the dilutive impact of 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.