STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2014

STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE

Earnings per share calculations

	Three Months Ended June 30, 2014
	Net Income			Number of Shares	Per Share Amounts
	(In thousands, except per share data)
Net income	$	83,988
Less:
Preferred stock dividends	—
Earnings allocated to participating securities	(119		)
Basic EPS — income allocated to common stockholders	$	83,869		143,187	$	0.59
Effect of dilutive securities:
Stock options	—			75
Restricted stock units	51			284
Convertible preferred stock	—			—
Warrants	—			143
Diluted EPS — income allocated to common stockholders	$	83,920		143,689	$	0.58

	Three Months Ended June 30, 2013
	Net Income			Number of Shares	Per Share Amounts
	(In thousands, except per share data)
Net income	$	74,015
Less:
Preferred stock dividends	(1,714		)
Earnings allocated to participating securities	(400		)
Basic EPS — income allocated to common stockholders	$	71,901		137,536	$	0.52
Effect of dilutive securities:
Stock options	—			59
Restricted stock units	33			221
Convertible preferred stock	—			—
Warrants	—			—
Diluted EPS — income allocated to common stockholders	$	71,934		137,816	$	0.52

	Six Months Ended June 30, 2014
	Net Income			Number of Shares	Per Share Amounts
	(In thousands, except per share data)
Net income	$	160,729
Less:
Preferred stock dividends	—
Earnings allocated to participating securities	(287		)
Basic EPS — income allocated to common stockholders	$	160,442		142,578	$	1.13
Effect of dilutive securities:
Stock options	—			77
Restricted stock units	129			359
Convertible preferred stock	—			—
Warrants	—			144
Diluted EPS — income allocated to common stockholders	$	160,571		143,158	$	1.12

	Six Months Ended June 30, 2013
	Net Income			Number of Shares	Per Share Amounts
	(In thousands, except per share data)
Net income	$	146,106
Less:
Preferred stock dividends	(3,428		)
Earnings allocated to participating securities	(988		)
Basic EPS — income allocated to common stockholders	$	141,690		137,592	$	1.03
Effect of dilutive securities:
Stock options	—			55
Restricted stock units	68			227
Convertible preferred stock	3,428			3,699
Warrants	—			—
Diluted EPS — income allocated to common stockholders	$	145,186		141,573	$	1.03

Shares excluded from the calculation of diluted EPS

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2014	2013	2014	2013
	(In thousands)
Convertible preferred stock	—	1,841	—	—
Stock options	—	159	40	214
Restricted stock units	2	6	61	4

Schedule of cumulative other comprehensive income (loss) balances

	2014									2013
							Cumulative								Cumulative
	Investment						Other			Investment					Other
	Securities			Other			Comprehensive			Securities			Other		Comprehensive
	Available-for-Sale			Investments			Income			Available-for-Sale			Investments		Income
	(In thousands)									(In thousands)
Three Months Ended June 30,
Balance, beginning of the period	$	(17,099	)	$	62		$	(17,037	)	$	6,149		$	36	$	6,185
Net unrealized gains (losses) arising during period	14,895			(4		)	14,891			(24,770		)	7		(24,763		)
Less: reclassification adjustment for gains included in net income	(389		)	—			$	(389	)	(3,100		)	—		(3,100		)
Net unrealized gains (losses)	14,506			(4		)	14,502			(27,870		)	7		(27,863		)
Balance, end of the period	$	(2,593	)	$	58		$	(2,535	)	$	(21,721	)	$	43	$	(21,678	)
Six Months Ended June 30,
Balance, beginning of the period	$	(30,538	)	79			$	(30,459	)	$	4,643		$	26	$	4,669
Net unrealized gains (losses) arising during period	30,317			(21		)	30,296			(20,029		)	17		(20,012		)
Less: reclassification adjustment for gains included in net income	(2,372		)	—			(2,372		)	(6,335		)	—		(6,335		)
Net unrealized gains (losses)	27,945			(21		)	27,924			(26,364		)	17		(26,347		)
Balance, end of the period	$	(2,593	)	$	58		$	(2,535	)	$	(21,721	)	$	43	$	(21,678	)

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

	2014									2013
				Tax									Tax
	Before-Tax			Expense			Net-of-Tax			Before-Tax			Expense			Net-of-Tax
Three Months Ended June 30,	Amount			or Benefit			Amount			Amount			or Benefit			Amount
	(In thousands)									(In thousands)
Unrealized gains (losses) on investment securities available-for-sale:
Net unrealized gains (losses) arising during period	$	25,681		$	(10,786	)	$	14,895		$	(42,707	)	$	17,937		$	(24,770	)
Less: reclassification adjustment for gains included in net income (1)	(671		)	282			(389		)	(5,345		)	2,245			(3,100		)
Net unrealized gains (losses)	25,010			(10,504		)	14,506			(48,052		)	20,182			(27,870		)
Unrealized gains (losses) on other investments
Net unrealized (losses) gains arising during period	(7		)	3			(4		)	12			(5		)	7
Less: reclassification adjustment for (gains) losses included in income	—			—			—			—			—			—
Other comprehensive income (loss)	$	25,003		$	(10,501	)	$	14,502		$	(48,040	)	$	20,177		$	(27,863	)

				Tax									Tax
	Before-Tax			Expense			Net-of-Tax			Before-Tax			Expense			Net-of-Tax
Six Months Ended June 30,	Amount			or Benefit			Amount			Amount			or Benefit			Amount
	(In thousands)									(In thousands)
Unrealized gains (losses) on investment securities available-for-sale:
Net unrealized gains (losses) arising during period	$	52,271		$	(21,954	)	$	30,317		$	(34,533	)	$	14,504		$	(20,029	)
Less: reclassification adjustment for gains included in net income (1)	(4,089		)	1,717			(2,372		)	(10,922		)	4,587			(6,335		)
Net unrealized gains (losses)	48,182			(20,237		)	27,945			(45,455		)	19,091			(26,364		)
Unrealized gains (losses) on other investments
Net unrealized (losses) gains arising during period	(36		)	15			(21		)	29			(12		)	17
Less: reclassification adjustment for (gains) losses included in income	—			—			—			—			—			—
Other comprehensive income (loss)	$	48,146		$	(20,222	)	$	27,924		$	(45,426	)	$	19,079		$	(26,347	)

(1) The pretax amount is reported in net gains on sales of investment securities in the consolidated statements of operations.