Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share

9. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per common share.

	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
	(In thousands, except per share amounts)
Basic EPS
Net income	$	11,937		$	7,169		$	22,717		$	13,870
Amount allocable to common shareholders		100.0	%		90.6	%		100.0	%		90.6	%
Net income applicable to common stock	$	11,937		$	6,493		$	22,717		$	12,564
Common stock — voting		34,176			31,147			34,049			31,093
Common stock — non-voting		2,586			2,586			2,586			2,586
Basic weighted average shares outstanding		36,762			33,733			36,635			33,679
Basic earnings per share	$	0.32		$	0.19		$	0.62		$	0.37
Diluted EPS
Net income	$	11,937		$	7,169		$	22,717		$	13,870
Basic weighted average shares outstanding		36,762			33,733			36,635			33,679
Effect of dilutive shares:
Series B Preferred Stock		—			3,500			—			3,500
Stock options, restricted stock and warrants		2,728			2,281			2,761			2,230
Diluted weighted average shares outstanding		39,490			39,514			39,396			39,409
Diluted earnings per share	$	0.30		$	0.18		$	0.58		$	0.35

Stock options, restricted stock and warrants totaling 0.3 million shares and 0.5 million shares for the three months ended June 30, 2011 and 2010, respectively, and 0.3 million shares and 0.6 million shares for the six months ended June 30, 2011 and 2010, respectively, were excluded from the computation of diluted earnings per share because their effect would have been antidilutive. The computation of diluted shares can vary among periods due, in part, to the change in the average price of the Company’s common stock.