EARNINGS PER COMMON SHARE

3 Months Ended

Mar. 31, 2015

EARNINGS PER COMMON SHARE

NOTE 3 – EARNINGS PER COMMON SHARE

	The calculations of earnings per common share for the quarters ended on March 31, 2015 and 2014 are as follows:
		Quarter Ended
		March 31,		March 31,
		2015		2014
		(In thousands, except per share information)
Net income		$	25,646	$	17,083
	Cumulative convertible preferred stock dividends (Series G)
Favorable impact from issuing common stock in exchange for
	Series A through E preferred stock (1)		-		379
Net income attributable to common stockholders		$	25,646	$	17,462
Weighted-Average Shares:
	Average common shares outstanding		210,686		205,732
	Average potential dilutive common shares		2,060		1,144
	Average common shares outstanding-assuming dilution		212,746		206,876
Income per common share:
	Basic	$	0.12	$	0.08
	Diluted	$	0.12	$	0.08
(1)	Excess of carrying amount of the Series A through E preferred stock exchanged over the fair value of new common shares issued in the first quarter of 2014.

Earnings per common share is computed by dividing net income attributable to common stockholders by the weighted average number of common shares issued and outstanding. Net income attributable to common stockholders represents net income adjusted for any preferred stock dividends, including any dividends declared, and any cumulative dividends related to the current dividend period that have not been declared as of the end of the period.For the first quarter of 2014, net income attributable to common stockholders includes the one-time effect to retained earnings of the issuance of common stock in exchange for Series A through E preferred stock. This transaction is discussed in Note 19 to the unaudited consolidated financial statements. Basic weighted average common shares outstanding exclude unvested shares of restricted stock.

Potential common shares consist of common stock issuable under the assumed exercise of stock options, unvested shares of restricted stock, and outstanding warrants using the treasury stock method. This method assumes that the potential common shares are issued and the proceeds from the exercise, in addition to the amount of compensation cost attributable to future services, are used to purchase common stock at the exercise date. The difference between the numbers of potential shares issued and potential shares purchased is added as incremental shares to the actual number of shares outstanding to compute diluted earnings per share. Stock options, unvested shares of restricted stock, and outstanding warrants that result in lower potential shares issued than potential shares purchased under the treasury stock method are not included in the computation of dilutive earnings per share since their inclusion would have an antidilutive effect on earnings per share. Stock options not included in the computation of outstanding shares because they were antidilutive amounted to69,848and 88,640 for the quarters ended March 31, 2015 and 2014, respectively.