PacWest Bancorp Corrects Earnings Per Share to $0.04 From $0.05 for the First Quarter of 2009
02 Mai 2009 - 1:30AM
PR Newswire (US)
-Net Earnings of $1.4 Million and Stockholders' Equity Remain
Unchanged- SAN DIEGO, May 1 /PRNewswire-FirstCall/ -- PacWest
Bancorp (NASDAQ:PACW) today announced that it is correcting its
reported earnings per share for the first quarter of 2009 to $0.04
per share from $0.05 per share, as previously reported on April 16,
2009. The Company calculated its first quarter 2009 earnings per
share under FASB Staff Position EITF 03-06-1, Determining Whether
Instruments Granted in Share-Based Payment Transactions are
Participating Securities, that went into effect on January 1, 2009.
According to that pronouncement, the Company's unvested shares of
restricted stock are considered to be participating securities. In
calculating the earnings per share amount appearing in the
Company's press release of April 16, 2009, the Company allocated
the excess of distributions over earnings to both outstanding
common stock and unvested restricted stock. According to guidance
related to participating securities contained in Emerging Issues
Task Force Issue 07-4, Application of the Two-Class Method under
FASB Statement No. 128 to Master Limited Partnerships, the excess
of distributions over earnings should not have been so allocated.
The correction to the earnings per share calculation did not affect
the Company's reported net earnings of $1.4 million for the quarter
ended March 31, 2009, regulatory capital ratios or any other
reported financial information. Earnings per share for the first
quarter of 2009 are calculated as follows: In thousands except per
share data ---------------------------------- Basic earnings per
share Net earnings $1,445 Less: earnings allocated to unvested
restricted stock (227) ---- Net earnings allocated to common shares
$1,218 ====== Total weighted-average basic shares and unvested
restricted stock outstanding 31,782.4 Less: weighted-average
unvested restricted stock outstanding (1,287.2) -------- Total
weighted-average basic shares outstanding 30,495.2 ======== Basic
earnings per share $0.04 ===== Diluted earnings per share Net
earnings allocated to common shares $1,218 ====== Total
weighted-average basic shares and unvested restricted stock
outstanding 31,782.4 Add: stock options outstanding 0.5 Less:
weighted-average unvested restricted stock outstanding (1,287.2)
-------- Total weighted-average diluted shares outstanding 30,495.7
======== Diluted earnings per share $0.04 ===== ABOUT PACWEST
BANCORP PacWest Bancorp is a bank holding company with $4.5 billion
in assets as of March 31, 2009, with one wholly-owned banking
subsidiary, Pacific Western Bank. Through 61 full-service community
banking branches, Pacific Western provides commercial banking
services, including real estate, construction and commercial loans,
to small and medium-sized businesses. Pacific Western's branches
are located in Los Angeles, Orange, Riverside, San Diego and San
Bernardino Counties. Through its subsidiary BFI Business Finance
and its divisions First Community Financial and Pacific Western SBA
Lending, Pacific Western also provides working capital financing to
growing companies located throughout the Southwest, primarily in
the states of Arizona, California and Texas. Additional information
regarding PacWest Bancorp is available on the Internet at
http://www.pacwestbancorp.com/. Information regarding Pacific
Western Bank is also available on the Internet at
http://www.pacificwesternbank.com/. Contact information: Vic
Santoro, Executive Vice President and CFO, (310) 728-1021
DATASOURCE: PacWest Bancorp CONTACT: Vic Santoro, Executive Vice
President and CFO of PacWest Bancorp, +1-310-728-1021 Web Site:
http://www.pacificwesternbank.com/
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