Annual report pursuant to Section 13 and 15(d)

EARNINGS PER COMMON SHARE

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EARNINGS PER COMMON SHARE
 12 Months Ended
Dec. 31, 2012
EARNINGS PER COMMON SHARE [Abstract]  
EARNINGS PER COMMON SHARE
NOTE 13 – EARNINGS PER COMMON SHARE

A reconciliation of the numerators and denominators of basic and diluted earnings per common share are as follows (dollars in thousands except per share data):
 
   
2012
    
2011
  
             
Net income
   $ 35,490     $ 5,829  
Dividends declared on preferred shares
     ---       ---  
Net income available to common shares
   $ 35,490     $ 5,829  
                 
Weighted average shares outstanding, including restricted stock awards – Basic
     27,086,792       22,739,990  
Dilutive potential common shares:
                
Stock options
     ---       ---  
Conversion of preferred stock
     ---       ---  
Stock warrants
     ---       ---  
Weighted average shares outstanding – Diluted
     27,086,792       22,739,990  
                 
Basic earnings per common share
   $ 1.31     $ .26  
Diluted earnings per common share (1)
     1.31       .26  

Stock options for 472,719 and 634,427 shares of common stock were not considered in computing diluted earnings per common share for 2012 and 2011, respectively, because they were antidilutive. Potential common shares associated with the convertible preferred stock were excluded from dilutive potential common shares for 2012 and 2011 as they were antidilutive. Potential common shares associated with stock warrants issued in 2009 were excluded from dilutive potential common shares for 2012 and 2011 as they were antidilutive.