Annual report pursuant to Section 13 and 15(d)

EARNINGS PER COMMON SHARE (Tables)

v2.4.0.8
EARNINGS PER COMMON SHARE (Tables)
 12 Months Ended
Dec. 31, 2013
EARNINGS PER COMMON SHARE [Abstract]  
Reconciliation of numerators and denominators of basic and diluted 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):
 
 
  
2013
    
2012
    
2011
  
Net income
  
$
9,549
    
$
35,490
    
$
5,829
  
Effect of induced exchange of preferred stock
    
(17,575
)
    
---
      
---
  
Net income (loss) available to common shares
  
$
(8,026
)
  
$
35,490
    
$
5,829
  
 
                        
Weighted average shares outstanding, including participating stock awards - Basic
    
27,161,888
      
27,086,792
      
22,739,990
  
 
                        
Dilutive potential common shares:
                        
Stock options
    
---
      
---
      
---
  
Conversion of preferred stock
    
---
      
---
      
---
  
Stock warrants
    
---
      
---
      
---
  
Weighted average shares outstanding - Diluted
    
27,161,888
      
27,086,792
      
22,739,990
  
 
                        
Basic earnings (loss) per common share
  
$
(0.29
)
  
$
1.31
    
$
0.26
  
Diluted earnings (loss) per common share
  
$
(0.29
)
  
$
1.31
    
$
0.26