Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER COMMON SHARE

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EARNINGS PER COMMON SHARE
 3 Months Ended
Mar. 31, 2014
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE
Basic earnings per common share of the Company are computed based on the weighted average number of common shares issued and outstanding during the relevant periods. Diluted earnings per common share of the Company are computed based on the weighted average number of common shares issued and outstanding plus the effect of potentially dilutive securities through the application of the if-converted method and/or treasury method. Dilutive securities for this purpose assumes all common shares have been issued and outstanding during the relevant periods pursuant to the conversion of all outstanding Series A preferred stock, restricted stock grants have vested and common shares have been issued pursuant to the exercise of outstanding stock options.
Computations of basic and diluted earnings per common share of the Company were as follows (in thousands, except share data):
 
 
Three Months Ended 
 March 31,
 
 
2014
 
2013
Net Income Attributable to Common Shares
 
$
4,445

 
$
5,973

Shares:
 
 
 
 
Weighted average number of common shares outstanding—basic
 
20,217,690

 
21,454,396

Assumed conversion of Series A Preferred Stock (1)
 
—

 
—

Net effect of dilutive stock options and restricted stock awards based on the treasury stock method (2)
 
335,847

 
—

Weighted average number of common shares outstanding—diluted
 
20,553,537

 
21,454,396

 
 
 
 
 
Basic Earnings per Common Share
 
$
0.22

 
$
0.28

Diluted Earnings per Common Share
 
$
0.22

 
$
0.28

____________________
(1) Excludes 2,009,659 weighted average common shares issuable upon the conversion of Series A preferred stock for the three month period ending March 31, 2013, as the effect of their inclusion in the computation would have been antidilutive.
(2) Excludes 47,208 weighted average common shares for certain share awards for the three month period ending March 31, 2013, as the effect of their inclusion would have been antidilutive.