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STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE (Tables)
 9 Months Ended
Sep. 30, 2015
STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE  
Earnings per share calculations
The following table presents EPS calculations for the three and nine months ended September 30, 2015 and 2014:
 
 
 
 
 
 
 
 
 
 
 
Three months ended September 30,
 
Nine months ended September 30,
($ in thousands, except per share data, shares in thousands)
 
2015
 
2014
 
2015
 
2014
Basic
 
 
 
 
 
 
 
 
Net income (1)
 
$
94,097

 
$
91,900

 
$
292,872

 
$
250,376

Less: Earnings allocated to participating securities
 
—

 
122

 
3

 
408

Net income allocated to common stockholders (1)
 
$
94,097

 
$
91,778

 
$
292,869

 
$
249,968

 
 
 
 
 
 
 
 
 
Basic weighted-average common shares outstanding
 
143,861

 
143,210

 
143,788

 
142,791

Basic EPS
 
$
0.65

 
$
0.64

 
$
2.04

 
$
1.75

 
 
 
 
 
 
 
 
 
Diluted
 
 
 
 
 
 
 
 
Net income allocated to common stockholders (1)
 
$
94,097

 
$
91,778

 
$
292,869

 
$
249,968

Add: Restricted stock dividends
 
113

 
69

 
309

 
197

Net income allocated to diluted common stockholders (1)
 
$
94,210

 
$
91,847

 
$
293,178

 
$
250,165

 
 
 
 
 
 
 
 
 
Basic weighted-average common shares outstanding
 
143,861

 
143,210

 
143,788

 
142,791

Dilutive potential common shares (2)
 
729

 
600

 
680

 
586

Dilutive weighted-average common shares outstanding
 
144,590

 
143,810

 
144,468

 
143,377

Diluted EPS
 
$
0.65

 
$
0.64

 
$
2.03

 
$
1.74

 
 
 
 
 
 
 
 
 

(1) Prior year 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 — Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net to the Consolidated Financial Statements for additional information.
(2) Included dilutive shares from stock options, restricted stock units and warrants for the three and nine months ended September 30, 2015 and 2014.
Schedule of accumulated other comprehensive income (loss) balances
Presented in the following tables are the changes in the components of accumulated other comprehensive income (loss) balances for the three and nine months ended September 30, 2015 and 2014:
 
 
Three Months Ended September 30,
 
 
2015
 
2014
($ in thousands)
 
Available-for-Sale
Investment Securities
 
Foreign Currency Translation Adjustments (1)
 
Accumulated
Other Comprehensive Income
 
Available-for-Sale
Investment Securities
 
Accumulated
Other Comprehensive (Loss) Income
Beginning balance
 
$
5,430

 
$
—

 
$
5,430

 
$
(2,535
)
 
$
(2,535
)
Net unrealized gains (losses) arising during the period
 
13,127

 
(6,846
)
 
6,281

 
1,565

 
1,565

Amounts reclassified from accumulated other comprehensive income
 
(9,881
)
 
—

 
(9,881
)
 
(1,458
)
 
(1,458
)
Changes, net of taxes
 
3,246

 
(6,846
)
 
(3,600
)
 
107

 
107

Ending balance
 
$
8,676

 
$
(6,846
)
 
$
1,830

 
$
(2,428
)
 
$
(2,428
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30,
 
 
2015
 
2014
($ in thousands)
 
Available-for-Sale
Investment Securities
 
Foreign Currency Translation Adjustments (1)
 
Accumulated
Other Comprehensive Income
 
Available-for-Sale
Investment Securities
 
Accumulated
Other Comprehensive (Loss) Income
Beginning balance
 
$
4,237

 
$
—

 
$
4,237

 
$
(30,459
)
 
$
(30,459
)
Net unrealized gains (losses) arising during the period
 
20,096

 
(6,846
)
 
13,250

 
31,861

 
31,861

Amounts reclassified from accumulated other comprehensive income
 
(15,657
)
 
—

 
(15,657
)
 
(3,830
)
 
(3,830
)
Changes, net of taxes
 
4,439

 
(6,846
)
 
(2,407
)
 
28,031

 
28,031

Ending balance
 
$
8,676

 
$
(6,846
)
 
$
1,830

 
$
(2,428
)
 
$
(2,428
)
 
 
 
 
 
 
 
 
 
 
 

(1) Represents foreign currency translation adjustments related to the Company’s net investment in non-U.S. operations. In the third quarter of 2015, there was a change in functional currency from USD to the local currency of the Company’s foreign subsidiary.
Schedule of components of other comprehensive income (loss), reclassifications to net income by income statement line item and the related tax effects
The following tables present the components of other comprehensive income (OCI), reclassifications to net income by income statement line item, and the related tax effects for the three and nine months ended September 30, 2015 and 2014:
 
 
Three Months Ended September 30,
 
 
2015
 
2014
($ in thousands)
 
Before-Tax
Amount
 
Tax
(Expense)
Benefit
 
Net-of-Tax
Amount
 
Before-Tax
Amount
 
Tax
(Expense)
Benefit
 
Net-of-Tax
Amount
Available-for-sale investment securities :
 
 

 
 

 
 

 
 

 
 

 
 

Net unrealized gains arising during the period
 
$
22,634

 
$
(9,507
)
 
$
13,127

 
$
2,698

 
$
(1,133
)
 
$
1,565

Reclassification adjustment for realized gains included in net income (1)
 
(17,036
)
 
7,155

 
(9,881
)
 
(2,514
)
 
1,056

 
(1,458
)
   Net change
 
5,598

 
(2,352
)
 
3,246

 
184

 
(77
)
 
107

Foreign currency translation adjustments :
 
 

 
 

 
 

 
 

 
 

 
 

Net unrealized losses arising during the period
 
(6,846
)
 
—

 
(6,846
)
 
—

 
—

 
—

   Net change
 
(6,846
)
 
—

 
(6,846
)
 
—

 
—

 
—

Other comprehensive (loss) income
 
$
(1,248
)
 
$
(2,352
)
 
$
(3,600
)
 
$
184

 
$
(77
)
 
$
107

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30,
 
 
2015
 
2014
($ in thousands)
 
Before-Tax
Amount
 
Tax
(Expense)
Benefit
 
Net-of-Tax
Amount
 
Before-Tax
Amount
 
Tax
(Expense)
Benefit
 
Net-of-Tax
Amount
Available-for-sale investment securities :
 
 

 
 

 
 

 
 

 
 

 
 

Net unrealized gains arising during the period
 
$
34,648

 
$
(14,552
)
 
$
20,096

 
$
54,933

 
$
(23,072
)
 
$
31,861

Reclassification adjustment for realized gains included in net income (1)
 
(26,994
)
 
11,337

 
(15,657
)
 
(6,603
)
 
2,773

 
(3,830
)
  Net change
 
7,654

 
(3,215
)
 
4,439

 
48,330

 
(20,299
)
 
28,031

Foreign currency translation adjustments :
 
 

 
 

 
 

 
 

 
 

 
 

Net unrealized losses arising during the period
 
(6,846
)
 
—

 
(6,846
)
 
—

 
—

 
—

  Net change
 
(6,846
)
 
—

 
(6,846
)
 
—

 
—

 
—

Other comprehensive (loss) income
 
$
808

 
$
(3,215
)
 
$
(2,407
)
 
$
48,330

 
$
(20,299
)
 
$
28,031

 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
The pretax amount is reported in net gains on sales of available-for-sale investment securities in the Consolidated Statements of Income