Earnings Per Share

12 Months Ended

Dec. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per common share for 2012, 2011 and 2010:

(In thousands, except per share data)		2012		2011		2010
Net income		$	111,196	$	77,575	$	63,329
Less: Preferred stock dividends and discount accretion		9,093		4,128		19,643
Less: Non-cash deemed preferred stock dividend		—		—		11,361
Net income applicable to common shares—Basic	(A)	102,103		73,447		32,325
Add: Dividends on convertible preferred stock		8,955		—		—
Net income applicable to common shares—Diluted	(B)	111,058		73,447		32,325
Weighted average common shares outstanding	(C)	36,365		35,355		30,057
Effect of dilutive potential common shares:
Common stock equivalents		7,313		8,636		1,513
Convertible preferred stock, if dilutive		4,356		—		—
Total dilutive potential common shares		11,669		8,636		1,513
Weighted average common shares and effect of dilutive potential common shares	(D)	48,034		43,991		31,570
Net income per common share:
Basic	(A/C)	$	2.81	$	2.08	$	1.08
Diluted	(B/D)	$	2.31	$	1.67	$	1.02

Potentially dilutive common shares can result from stock options, restricted stock unit awards, stock warrants, the Company’s convertible preferred stock, tangible equity unit shares and shares to be issued under the SPP and the DDFS Plan, being treated as if they had been either exercised or issued, computed by application of the treasury stock method. While potentially dilutive common shares are typically included in the computation of diluted earnings per share, potentially dilutive common shares are excluded from this computation in periods in which the effect would reduce the loss per share or increase the income per share. For diluted earnings per share, net income applicable to common shares can be affected by the conversion of the Company’s convertible preferred stock. Where the effect of this conversion would reduce the loss per share or increase the income per share, net income applicable to common shares is not adjusted by the associated preferred dividends.