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Net Income (Loss) per Share of Common Stock
 6 Months Ended
Jun. 30, 2013
Earnings Per Share [Abstract]  
Net Income per Share of Common Stock
Net Income (Loss) per Share of Common Stock

The following table sets forth the computation of basic and diluted earnings (loss) per share:
 
Three months ended June 30,
 
Six months ended June 30,
(dollars in thousands, except earnings per share)
2013
 
2012
 
2013
 
2012
Numerators for earnings per share:
 
 
 
 
 
 
 
Net income (loss) that is available to common shareholders
$
12,436

 
$
(10,143
)
 
$
14,425

 
$
(9,502
)
 
 
 
 
 
 
 
 
Denominator for basic earnings per share:
 
 
 
 
 
 
 
Weighted average shares outstanding
21,288,897

 
20,837,843

 
21,202,411

 
20,803,629

 
 
 
 
 
 
 
 
Denominator for diluted earnings per share:
 
 
 
 
 
 
 
Effect of stock options and restricted stock units (1)
654,388

 
—

 
504,622

 
—

Adjusted weighted average shares and assumed conversions
21,943,285

 
20,837,843

 
21,707,033

 
20,803,629

 
 
 
 
 
 
 
 
Basic earnings (loss) per share
$
0.58

 
$
(0.49
)
 
$
0.68

 
$
(0.46
)
 
 
 
 
 
 
 
 
Diluted earnings (loss) per share
$
0.57

 
$
(0.49
)
 
$
0.66

 
$
(0.46
)

(1) The effect of employee stock options and restricted stock units, 437,680 and 424,483 shares for the three months and six months ended June 30, 2012, respectively, 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 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.