STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2015

STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE


	Three Months Ended March 31, 2015
($ in thousands, except per share data)	Net Income			Number of Shares	Per Share Amounts
Net income	$	100,027
Less:
Earnings allocated to participating securities	(3		)
Basic EPS — income allocated to common stockholders	$	100,024		143,655	$	0.70
Effect of dilutive securities:
Stock options	—			6
Restricted stock units	106			533
Warrants	—			155
Diluted EPS — income allocated to common stockholders	$	100,130		144,349	$	0.69


	Three Months Ended March 31, 2014
($ in thousands, except per share data)	Net Income			Number of Shares	Per Share Amounts
Net income (1)	$	74,171
Less:
Earnings allocated to participating securities	(160		)
Basic EPS — income allocated to common stockholders (1)	$	74,011		141,962	$	0.52
Effect of dilutive securities:
Stock options	—			79
Restricted stock units	80			447
Warrants	—			144
Diluted EPS — income allocated to common stockholders(1)	$	74,091		142,632	$	0.52

(1)

Prior periods were restated to reflect the retrospective application of adopting the new accounting guidance related to the Company’s investments in qualified affordable housing projects ASU 2014-01. See note 10 of the Notes to Consolidated Financial Statements for additional information.

Shares excluded from the calculation of diluted EPS

	Three Months Ended March 31,
(In thousands)	2015	2014
Stock options	—	81
Restricted stock units	170	168

Schedule of accumulated other comprehensive income (loss) balances

	Three Months Ended March 31,
	2015									2014
($ in thousands)	Available-for-Sale Investment Securities			Other Investments			Accumulated Other Comprehensive Income			Available-for-Sale Investment Securities			Other Investments			Accumulated Other Comprehensive (Loss) Income
Balance, beginning of the period	$	4,176		$	61		$	4,237		$	(30,538	)	$	79		$	(30,459	)
Net unrealized gains (losses) arising during period	11,879			(7		)	11,872			15,422			(17		)	15,405
Less: reclassification adjustment for gains included in net income	(2,554		)	—			(2,554		)	(1,983		)	—			(1,983		)
Net unrealized gains (losses)	9,325			(7		)	9,318			13,439			(17		)	13,422
Balance, end of the period	$	13,501		$	54		$	13,555		$	(17,099	)	$	62		$	(17,037	)

Schedule of components of other comprehensive income (loss), reclassifications to net income by income statement line item and the related tax effects

	Three Months Ended March 31,
	2015									2014
($ in thousands)	Before-Tax Amount			Tax Expense or Benefit			Net-of-Tax Amount			Before-Tax Amount			Tax Expense or Benefit			Net-of-Tax Amount
Unrealized gains on available-for-sale investment securities :
Net unrealized gains arising during period	$	20,482		$	(8,603	)	$	11,879		$	26,590		$	(11,168	)	$	15,422
Less: reclassification adjustment for gains included in net income (1)	(4,404		)	1,850			(2,554		)	(3,418		)	1,435			(1,983		)
Net unrealized gains	16,078			(6,753		)	9,325			23,172			(9,733		)	13,439
Unrealized losses on other investments:
Net unrealized losses arising during period	(12		)	5			(7		)	(29		)	12			(17		)
Less: reclassification adjustment for (gains) losses included in income	—			—			—			—			—			—
Net unrealized losses	(12		)	5			(7		)	(29		)	12			(17		)
Other comprehensive income	$	16,066		$	(6,748	)	$	9,318		$	23,143		$	(9,721	)	$	13,422

(1)

The pretax amount is reported in net gains on sales of available-for-sale investment securities in the consolidated statements of income.