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STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2015
STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE  
Earnings per share calculations
 
Three Months Ended June 30, 2015
(In thousands, except per share data)
Net Income
Number of 
Shares
Per Share 
Amounts
Net income
$
98,748

 

 

Less:
 

 

 

Earnings allocated to participating securities
—

 

 

Basic EPS — income allocated to common stockholders
$
98,748

143,846

$
0.69

Effect of dilutive securities:
 

 

 

Stock options
—

1

 

Restricted stock units
93

470

 

Warrants
—

163

 

Diluted EPS — income allocated to common stockholders
$
98,841

144,480

$
0.68

 
Three Months Ended June 30, 2014
(In thousands, except per share data)
Net Income
Number of 
Shares
Per Share 
Amounts
Net income (1)
$
84,305

 

 

Less:
 

 

 

Earnings allocated to participating securities
(120
)
 

 

Basic EPS — income allocated to common stockholders (1)
$
84,185

143,187

$
0.59

Effect of dilutive securities:
 

 

 

Stock options
—

75

 

Restricted stock units
51

284

 

Warrants
—

143

 

Diluted EPS — income allocated to common stockholders(1)
$
84,236

143,689

$
0.59

 
Six Months Ended June 30, 2015
(In thousands, except per share data)
Net Income
Number of 
Shares
Per Share 
Amounts
Net income
$
198,775

 

 

Less:
 

 

 

Earnings allocated to participating securities
(3
)
 

 

Basic EPS — income allocated to common stockholders
$
198,772

143,751

$
1.38

Effect of dilutive securities:
 

 

 

Stock options
—

4

 

Restricted stock units
197

494

 

Warrants
—

159

 

Diluted EPS — income allocated to common stockholders
$
198,969

144,408

$
1.38

 
Six Months Ended June 30, 2014
(In thousands, except per share data)
Net Income
Number of 
Shares
Per Share 
Amounts
Net income (1)
$
158,476

 

 

Less:
 

 

 

Earnings allocated to participating securities
(283
)
 

 

Basic EPS — income allocated to common stockholders (1)
$
158,193

142,578

$
1.11

Effect of dilutive securities:
 

 

 

Stock options
—

77

 

Restricted stock units
129

359

 

Warrants
—

144

 

Diluted EPS — income allocated to common stockholders(1)
$
158,322

143,158

$
1.11

(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.
Schedule of accumulated other comprehensive income (loss) balances
Three Months Ended June 30,
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
$
13,501

$
54

$
13,555

$
(17,099
)
$
62

$
(17,037
)
Net unrealized (losses) gains arising during the period
(4,914
)
10

(4,904
)
14,895

(4
)
14,891

Reclassification adjustment for gains included in net income
(3,221
)
—

(3,221
)
(389
)
—

(389
)
Net change
(8,135
)
10

(8,125
)
14,506

(4
)
14,502

Balance, end of the period
$
5,366

$
64

$
5,430

$
(2,593
)
$
58

$
(2,535
)
Six Months Ended June 30,
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 the period
6,966

3

6,969

30,317

(21
)
30,296

Reclassification adjustment for gains included in net income
(5,776
)
—

(5,776
)
(2,372
)
—

(2,372
)
Net change
1,190

3

1,193

27,945

(21
)
27,924

Balance, end of the period
$
5,366

$
64

$
5,430

$
(2,593
)
$
58

$
(2,535
)

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 June 30,
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 (losses) gains on available-for-sale investment securities :
 

 

 

 

 

 

Net unrealized (losses) gains arising during the period
$
(8,473
)
$
3,559

$
(4,914
)
$
25,681

$
(10,786
)
$
14,895

Reclassification adjustment for gains included in net income (1)
(5,554
)
2,333

(3,221
)
(671
)
282

(389
)
Net change
(14,027
)
5,892

(8,135
)
25,010

(10,504
)
14,506

Unrealized gains (losses) on other investments:
 

 

 

 

 

 

Net unrealized gains (losses) arising during the period
18

(8
)
10

(7
)
3

(4
)
Reclassification adjustment for (gains) losses included in income
—

—

—

—

—

—

Net change
18

(8
)
10

(7
)
3

(4
)
Other comprehensive (loss) income
$
(14,009
)
$
5,884

$
(8,125
)
$
25,003

$
(10,501
)
$
14,502

Six Months Ended June 30,
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 the period
$
12,009

$
(5,043
)
$
6,966

$
52,271

$
(21,954
)
$
30,317

Reclassification adjustment for gains included in net income (1)
(9,958
)
4,182

(5,776
)
(4,089
)
1,717

(2,372
)
Net change
2,051

(861
)
1,190

48,182

(20,237
)
27,945

Unrealized gains (losses) on other investments:
 

 

 

 

 

 

Net unrealized gains (losses) arising during the period
5

(2
)
3

(36
)
15

(21
)
Reclassification adjustment for (gains) losses included in income
—

—

—

—

—

—

Net change
5

(2
)
3

(36
)
15

(21
)
Other comprehensive income
$
2,056

$
(863
)
$
1,193

$
48,146

$
(20,222
)
$
27,924

(1)
The pretax amount is reported in net gains on sales of available-for-sale investment securities in the consolidated statements of income.