Shareholders' Equity

6 Months Ended

Jun. 30, 2011

Shareholders' Equity

Shareholders' Equity

Note 9. Shareholders’ Equity

The components of accumulated other comprehensive income, net of tax, at June 30, 2011, December 31, 2010 and June 30, 2010 are as follows:

	June 30,			December 31,			June 30,
(in thousands)	2011			2010			2010
Net unrealized gain on securities available-for-sale.	$	56,596		$	36,386		$	54,128
Net unrealized gain on cash flow hedges	349			1,184			3,896
Pension liability adjustment	(652		)	(717		)	26
Total accumulated other comprehensive income	$	56,293		$	36,853		$	58,050

The components of total comprehensive income for the six-months ended June 30, 2011 and 2010 are as follows:

	For the six months ended June 30,
(in thousands)	2011			2010
Net income (1)	$	88,230		$	58,086
Other comprehensive income:
Securities available for sale:
Net unrealized gain, net of taxes of $16,138 and $49,861 and reclassification of $1,099 and $1,193 included in net income	22,442			69,338
Non-credit related impairment loss, net of taxes of ($1,605) and ($5,641)	(2,233		)	(7,844		)
Net unrealized loss on cash flow hedges, net of taxes of $0 and $2,892 and reclassification of $485 and $3,249 included in net income	(834		)	(475		)
Pension liability adjustment	65			80
Total other comprehensive income	19,440			61,099
Total comprehensive income	$	107,670		$	119,185

(1) Net income excludes net income attributable to redeemable noncontrolling interest of $1,120 and $1,230 for the six-month periods ended June 30, 2011 and 2010, respectively. Redeemable noncontrolling interest is reflected in the mezzanine section of the consolidated balance sheets.

The following table summarizes the Company’s share repurchases for the three months ended June 30, 2011.  All repurchases relate to shares withheld or previously owned shares used to pay taxes due upon vesting of restricted stock.  There were no issuer repurchases of the Corporation’s common stock as part of its repurchase plan for the six months ended June 30, 2011.

Period	Total Number  of Shares (or Units)  Purchased	Average  Price Paid  per Share  (or Unit)
April 1, 2011 to April 30, 2011	4,000	$	57.30
May 1, 2011 to May 31, 2011	—	—
June 1, 2011 to June 30, 2011	554	52.80
	4,554	56.75

At June 30, 2011, the Corporation had 1.4 million shares of common stock reserved for issuance and 0.9 million shares of unvested restricted stock granted to employees and directors under share-based compensation programs.