Net Income (loss) per Share of Common Stock

3 Months Ended

Mar. 31, 2014

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 March 31,
(dollars in thousands, except earnings per share)	2014			2013
Numerators for earnings per share:
Net income (loss) that is available to common shareholders	$	(3,384	)	$	1,989
Denominator for basic earnings per share:
Weighted average shares outstanding	21,523,077			21,114,963
Denominator for diluted earnings per share:
Effect of stock options and restricted stock units	—			478,785
Adjusted weighted average shares and assumed conversions	21,523,077			21,593,748
Basic earnings (loss) per share	$	(0.16	)	$	0.09
Diluted earnings (loss) per share	$	(0.16	)	$	0.09
Shares excluded from diluted earnings (loss) per share due to:
Net loss position (excluded from denominator)	418,344			—
Inclusion would have been anti-dilutive (excluded from calculation)	382,109			783,843

When applicable, diluted shares outstanding includes the dilutive impact of restricted stock units. Diluted shares also include the impact of eligible 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.