STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2014

STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE

Earnings per share calculations

	Three Months Ended September 30, 2014
	Net Income			Number of Shares	Per Share Amounts
	(In thousands, except per share data)
Net income	$	88,756
Less:
Preferred stock dividends	—
Earnings allocated to participating securities	(118		)
Basic EPS — income allocated to common stockholders	$	88,638		143,210	$	0.62
Effect of dilutive securities:
Stock options	—			75
Restricted stock units	69			381
Convertible preferred stock	—			—
Warrants	—			144
Diluted EPS — income allocated to common stockholders	$	88,707		143,810	$	0.62

	Three Months Ended September 30, 2013
	Net Income			Number of Shares	Per Share Amounts
	(In thousands, except per share data)
Net income	$	73,157
Less:
Preferred stock dividends	—
Earnings allocated to participating securities	(372		)
Basic EPS — income allocated to common stockholders	$	72,785		137,036	$	0.53
Effect of dilutive securities:
Stock options	—			71
Restricted stock units	54			360
Convertible preferred stock	—			—
Warrants	—			—
Diluted EPS — income allocated to common stockholders	$	72,839		137,467	$	0.53

	Nine Months Ended September 30, 2014
	Net Income			Number of Shares	Per Share Amounts
	(In thousands, except per share data)
Net income	$	249,485
Less:
Preferred stock dividends	—
Earnings allocated to participating securities	(407		)
Basic EPS — income allocated to common stockholders	$	249,078		142,791	$	1.74
Effect of dilutive securities:
Stock options	—			76
Restricted stock units	197			365
Convertible preferred stock	—			—
Warrants	—			145
Diluted EPS — income allocated to common stockholders	$	249,275		143,377	$	1.74

	Nine Months Ended September 30, 2013
	Net Income			Number of Shares	Per Share Amounts
	(In thousands, except per share data)
Net income	$	219,263
Less:
Preferred stock dividends	(3,428		)
Earnings allocated to participating securities	(1,361		)
Basic EPS — income allocated to common stockholders	$	214,474		137,404	$	1.56
Effect of dilutive securities:
Stock options	—			66
Restricted stock units	124			276
Convertible preferred stock	3,428			2,453
Warrants	—			—
Diluted EPS — income allocated to common stockholders	$	218,026		140,199	$	1.56

Shares excluded from the calculation of diluted EPS:

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2014	2013	2014	2013
	(In thousands)
Stock options	—	145	27	191
Restricted stock units	4	3	5	10

Schedule of cumulative other comprehensive (loss) income balances

	2014									2013
							Cumulative								Cumulative
	Investment						Other			Investment					Other
	Securities			Other			Comprehensive			Securities			Other		Comprehensive
	Available-for-Sale			Investments			(Loss) Income			Available-for-Sale			Investments		(Loss) Income
	(In thousands)									(In thousands)
Three Months Ended September 30,
Balance, beginning of the period	$	(2,593	)	$	58		$	(2,535	)	$	(21,721	)	$	43	$	(21,678	)
Net unrealized gains (losses) arising during period	1,663			(99		)	1,564			(2,876		)	5		(2,871		)
Less: reclassification adjustment for losses included in net income	(1,457		)	—			(1,457		)	(629		)	—		(629		)
Net unrealized gains (losses)	206			(99		)	107			(3,505		)	5		(3,500		)
Balance, end of the period	$	(2,387	)	$	(41	)	$	(2,428	)	$	(25,226	)	$	48	$	(25,178	)
Nine Months Ended September 30,
Balance, beginning of the period	$	(30,538	)	$	79		$	(30,459	)	$	4,643		$	26	$	4,669
Net unrealized gains (losses) arising during period	31,980			(120		)	31,860			(22,905		)	22		(22,883		)
Less: reclassification adjustment for losses included in net income	(3,829		)	—			(3,829		)	(6,964		)	—		(6,964		)
Net unrealized gains (losses)	28,151			(120		)	28,031			(29,869		)	22		(29,847		)
Balance, end of the period	$	(2,387	)	$	(41	)	$	(2,428	)	$	(25,226	)	$	48	$	(25,178	)

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 September 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	$	2,867		$	(1,204	)	$	1,663		$	(4,959	)	$	2,083		$	(2,876	)
Less: reclassification adjustment for gains included in net income (1)	(2,512		)	1,055			(1,457		)	(1,084		)	455			(629		)
Net unrealized gains (losses)	355			(149		)	206			(6,043		)	2,538			(3,505		)
Unrealized gains (losses) on other investments:
Net unrealized (losses) gains arising during period	(171		)	72			(99		)	9			(4		)	5
Less: reclassification adjustment for (gains) losses included in income	—			—			—			—			—			—
Other comprehensive income (loss)	$	184		$	(77	)	$	107		$	(6,034	)	$	2,534		$	(3,500	)

				Tax									Tax
	Before-Tax			Expense			Net-of-Tax			Before-Tax			Expense			Net-of-Tax
Nine Months Ended September 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	$	55,138		$	(23,158	)	$	31,980		$	(39,491	)	$	16,586		$	(22,905	)
Less: reclassification adjustment for gains included in net income (1)	(6,601		)	2,772			(3,829		)	(12,006		)	5,042			(6,964		)
Net unrealized gains (losses)	48,537			(20,386		)	28,151			(51,497		)	21,628			(29,869		)
Unrealized gains (losses) on other investments:
Net unrealized (losses) gains arising during period	(207		)	87			(120		)	38			(16		)	22
Less: reclassification adjustment for (gains) losses included in income	—			—			—			—			—			—
Other comprehensive income (loss)	$	48,330		$	(20,299	)	$	28,031		$	(51,459	)	$	21,612		$	(29,847	)

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