Net Income per Share of Common Stock

9 Months Ended

Sep. 30, 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 September 30,				Nine months ended September 30,
(dollars in thousands, except earnings per share)	2013		2012		2013		2012
Numerators for earnings per share:
Net income that is available to common shareholders	$	4,749	$	14,861	$	19,174	$	5,359
Denominator for basic earnings per share:
Weighted average shares outstanding	21,492,625		20,896,291		21,300,212		20,834,742
Denominator for diluted earnings per share:
Effect of stock options and restricted stock units	730,697		464,195		629,200		432,535
Adjusted weighted average shares and assumed conversions	22,223,322		21,360,486		21,929,412		21,267,277
Basic earnings per share	$	0.22	$	0.71	$	0.90	$	0.26
Diluted earnings per share	$	0.21	$	0.70	$	0.87	$	0.25

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.