Net Income per Share of Common Stock

12 Months Ended

Dec. 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:

Year ended December 31, (dollars in thousands, except earnings per share)	2013		2012		2011
Numerator for earnings per share:
Net income that is available to common shareholders	$	28,459	$	6,966	$	23,641
Denominator for basic earnings per share:
Weighted average shares outstanding	21,216,780		20,875,959		20,169,638
Effect of stock options and restricted stock units	525,393		439,252		492,557
Effect of warrants	—		—		145,882
Total effect of dilutive securities	525,393		439,252		638,439
Denominator for diluted earnings per share:
Adjusted weighted average shares and assumed conversions	21,742,173		21,315,211		20,808,077
Basic earnings per share	$	1.34	$	0.33	$	1.17
Diluted earnings per share	$	1.31	$	0.33	$	1.14

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.