Earnings Per Share

9 Months Ended

Sep. 30, 2012

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 September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
	(In thousands, except per share amounts)
Net income	$	13,482	$	13,444	$	39,604	$	36,161
Common stock - voting		36,500		34,540		35,968		34,212
Common stock - non-voting		—		2,586		553		2,586
Basic weighted average shares outstanding		36,500		37,126		36,521		36,798
Basic earnings per share	$	0.37	$	0.36	$	1.08	$	0.98
Weighted average shares outstanding		36,500		37,126		36,521		36,798
Effect of dilutive shares:
Stock options and restricted stock		1,041		439		1,371		403
Warrants		—		2,263		—		2,338
Diluted weighted average shares outstanding		37,541		39,828		37,892		39,539
Diluted earnings per share	$	0.36	$	0.34	$	1.05	$	0.91

Stock options and restricted stock totaling 6,375 shares and 206,584 shares for the three months ended September 30, 2012 and 2011, respectively, and 22,977 shares and 296,327 shares for the nine months ended September 30, 2012 and 2011, 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.