Earnings Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Earnings Per Share

11.    Earnings Per Share

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

	Year Ended December 31,
	2011			2010			2009
	(In thousands, except per share amounts)
Basic EPS
Net income	$	47,704		$	31,428		$	16,102
Amount allocable to common shareholders		100.0	%		90.5	%		90.5	%
Net income applicable to common stock	$	47,704		$	28,427		$	14,569
Common stock — voting		34,420			30,573			30,678
Common stock — non-voting		2,586			2,586			2,586
Basic weighted average shares outstanding		37,006			33,159			33,264
Basic earnings per share	$	1.29		$	0.86		$	0.44
Diluted EPS
Net income	$	47,704		$	31,428		$	16,102
Basic weighted average shares outstanding		37,006			33,159			33,264
Effect of dilutive shares:
Series B Preferred Stock		—			3,500			3,500
Stock options, restricted stock and warrants		2,602			2,392			1,318
Diluted weighted average shares outstanding		39,608			39,051			38,082
Diluted earnings per share	$	1.20		$	0.80		$	0.42

Stock options, restricted stock and warrants totaling 0.3 million shares, 0.4 million shares and 3.6 million shares for the years ended December 31, 2011, 2010 and 2009, 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.