STOCKHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 30, 2011

STOCKHOLDERS' EQUITY [Abstract]

Earnings (loss) per share calculations

The following table sets forth earnings per share calculations for the three and nine months ended September 30, 2011 and 2010:

	Three Months Ended September 30,
	2011							2010
	Net Income							Net Income
	Available to			Number		Per		Available to			Number		Per
	Common			of		Share		Common			of		Share
	Stockholders			Shares		Amounts		Stockholders			Shares		Amounts
	(In thousands, except per share data)
Net income	$	62,432						$	46,951
Less:
Preferred stock dividends and amortization of preferred stock discount		(1,714	)						(6,732	)
Basic EPS – income available to common stockholders	$	60,718			147,162	$	0.41	$	40,219			146,454	$	0.27
Effect of dilutive securities:
Stock options		-			37				-			126
Restricted stock		34			683				4			430
Convertible preferred stock		1,714			5,571				-			-
Stock warrants		-			-				-			103
Diluted EPS – income available to common stockholders	$	62,466			153,453	$	0.41	$	40,223			147,113	$	0.27

	Nine Months Ended September 30,
	2011							2010
	Net Income							Net Income
	Available to			Number		Per		Available to			Number		Per
	Common			of		Share		Common			of		Share
	Stockholders			Shares		Amounts		Stockholders			Shares		Amounts
	(In thousands, except per share data)
Net income	$	179,028						$	108,215
Less:
Preferred stock dividends and amortization of preferred stock discount		(5,143	)						(19,017	)
Basic EPS – income available to common stockholders	$	173,885			147,013	$	1.18	$	89,198			134,396	$	0.66
Effect of dilutive securities:
Stock options		-			74				-			150
Restricted stock		75			681				10			344
Convertible preferred stock		5,143			5,571				-			11,947
Stock warrants		-			33				-			156
Diluted EPS – income available to common stockholders	$	179,103			153,372	$	1.17	$	89,208			146,993	$	0.61

Shares excluded from the calculation of diluted EPS

The following outstanding convertible preferred stock, stock options, and restricted stock for the three and nine months ended September 30, 2011 and 2010, respectively, were excluded from the computation of diluted EPS because including them would have had an antidilutive effect.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
	(In thousands)
Convertible preferred stock		-		5,573		-		5,573
Stock options		936		1,087		851		1,083
Restricted stock		519		32		342		271