Earnings Per Share

9 Months Ended

Sep. 30, 2011

9. Earnings Per Share

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
	(In thousands, except per share amounts)
Basic EPS
Net income	$	13,444		$	8,611		$	36,161		$	22,481
Amount allocable to common shareholders		100.0	%		90.4	%		100.0	%		90.5	%

Net income applicable to common stock	$	13,444		$	7,784		$	36,161		$	20,351

Common stock — voting		34,540			30,359			34,212			30,848
Common stock — non-voting		2,586			2,586			2,586			2,586

Basic weighted average shares outstanding		37,126			32,945			36,798			33,434

Basic earnings per share	$	0.36		$	0.24		$	0.98		$	0.61


Diluted EPS
Net income	$	13,444		$	8,611		$	36,161		$	22,481

Basic weighted average shares outstanding		37,126			32,945			36,798			33,434
Effect of dilutive shares:
Series B Preferred Stock		—			3,500			—			3,500
Stock options, restricted stock and warrants		2,702			2,299			2,741			2,254

Diluted weighted average shares outstanding		39,828			38,744			39,539			39,188

Diluted earnings per share	$	0.34		$	0.22		$	0.91		$	0.57

Stock options, restricted stock and warrants totaling 0.2 million shares and 0.6 million shares for the three months ended September 30, 2011 and 2010, respectively, and 0.3 million shares and 0.6 million shares for the nine months ended September 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.