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 Share [Abstract]  
EARNINGS PER COMMON SHARE

NOTE 20.             EARNINGS PER COMMON SHARE

 

Basic earnings per common share are computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share include the dilutive effect of additional potential common shares issuable under stock options and warrants, as well as the common shares issuable upon conversion of the Company’s 6% Mandatory Convertible Trust Preferred Securities due March 15, 2040.

 

 

    Years Ended December 31,  
    2012     2011     2010  
    (Dollar Amounts In Thousands Except Per Share Amounts)  
Earnings Per Share                        
Weighted average common shares outstanding     5,996,437       5,759,524       5,519,151  
Net income available to common stockholders   $ 34,045     $ 23,238     $ 17,378  
Basic earnings per common share   $ 5.68       4.03     $ 3.15  
                         
Weighted average common shares outstanding     5,996,437       5,759,524       5,519,151  
Dilutive effects of assumed conversions and exercise of stock options and warrants     945,315       989,639       775,453  
Weighted average common and dilutive potential common shares outstanding     6,941,752       6,749,163       6,294,604  
Net income available to common stockholders   $ 34,045     $ 23,238     $ 17,378  
Effect of interest expense on convertible debt, net of tax and discretionary expenditures related to conversion   $ 569     $ 568     $ 473  
Net income available to common stockholders, adjusted for effect of debt conversion   $ 34,614     $ 23,806     $ 17,851  
Diluted earnings per common share   $ 4.99     $ 3.53     $ 2.84