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, 2013
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,
 
 
 
2013
 
2012
 
2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollar Amounts In Thousands Except Per Share Amounts)
 
Earnings Per Share
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding
 
 
6,869,071
 
 
5,996,437
 
 
5,759,524
 
Net income available to common stockholders
 
$
41,201
 
$
34,045
 
$
23,238
 
Basic earnings per common share
 
$
6.00
 
$
5.68
 
 
4.03
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding
 
 
6,869,071
 
 
5,996,437
 
 
5,759,524
 
Dilutive effects of assumed conversions and
 
 
 
 
 
 
 
 
 
 
exercise of stock options and warrants
 
 
399,604
 
 
945,315
 
 
989,639
 
Weighted average common and dilutive potential
 
 
 
 
 
 
 
 
 
 
common shares outstanding
 
 
7,268,675
 
 
6,941,752
 
 
6,749,163
 
Net income available to common stockholders
 
$
41,201
 
$
34,045
 
$
23,238
 
Effect of interest expense on convertible debt, net of tax
 
 
 
 
 
 
 
 
 
 
and discretionary expenditures related to conversion
 
$
115
 
$
569
 
$
568
 
Net income available to common stockholders, adjusted
 
 
 
 
 
 
 
 
 
 
for effect of debt conversion
 
$
41,316
 
$
34,614
 
$
23,806
 
Diluted earnings per common share
 
$
5.69
 
$
4.99
 
$
3.53