Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

v2.4.0.8
Earnings Per Share
 12 Months Ended
Dec. 31, 2013
Earnings Per Share  
Earnings Per Share

14. Earnings Per Share

        Basic earnings per share of common stock is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share of common stock is computed by dividing net income by the weighted average number of common shares and common stock equivalents related to the assumed exercise of stock options, using the two-class method. Stock options for which the exercise price exceeds the average fair value have an anti-dilutive effect on earnings per share and are excluded from the calculation. There were no shares excluded from diluted earnings per share for the years presented.

        All restricted stockholders and RSU holders participate in dividends. Thus, the Company has calculated earnings per share pursuant to the two-class method, which is an earnings allocation formula that determines earnings per share for common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends.

 
   2013   2012   2011  

Basic earnings per common share

                    

Net income

   $ 11,639   $ 6,012   $ 19,040  

Less income allocated to participating securities

     179     69     233  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income allocated to common shareholders

   $ 11,460   $ 5,943   $ 18,807  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

Weighted average common shares outstanding

     22,029,374     21,894,569     21,650,736  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

   $ 0.52   $ 0.27   $ 0.87  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

Earnings per common share assuming dilution

                    

Net income

   $ 11,639   $ 6,012   $ 19,040  

Less income allocated to participating securities

     179     69     233  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income allocated to common shareholders

   $ 11,460   $ 5,943   $ 18,807  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

Weighted average common shares outstanding

     22,029,374     21,894,569     21,650,736  

Incremental shares applicable to stock based compensation

     37,800     69,742     163,881  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Weighted average common shares assuming dilution

     22,067,174     21,964,311     21,814,617  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

   $ 0.51   $ 0.26   $ 0.85  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
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