Shareholders' Equity

3 Months Ended

Mar. 31, 2013

Shareholders' Equity [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

The reconciliation between basic and diluted earnings per share is presented as follows:

	Three Months Ended
	March 31, 2013		March 31, 2012
Basic EPS:
Net income	$	37,346	$	30,344
Less:
Cash dividends on 5.875% non-cumulative perpetual series A, preferred stock	930		—
Income allocated to participating securities	291		137
Net income attributable to common shareholders	$	36,125	$	30,207
Average common shares outstanding	110,807		110,041
Less: participating shares included in average shares outstanding	1,118		830
Average common shares outstanding used in basic EPS	109,689		109,211
Basic net income per share	$	0.33	$	0.28
Diluted EPS:
Income used in diluted earnings per share calculation	$	36,125	$	30,207
Average common shares outstanding	110,807		110,041
Add: common stock equivalents:
Stock option plans	—		—
Less: participating shares included in average shares outstanding	1,118		830
Average common and common stock equivalent shares outstanding	109,689		109,211
Diluted net income per share	$	0.33	$	0.28

On February 4, 2013, the Corporation's 5.875% Non-Cumulative Perpetual Preferred Stock, Series A, began accruing cash dividends, with dividends payable quarterly in arrears on the 4th day of February, May, August and November, beginning May 4, 2013. Accrued cash dividends were $0.9 million for the three months ended March 31, 2013. Net income used to determine basic and diluted EPS for the three months ended March 31, 2013 were reduced by the accrued cash dividends.

For the three months ended March 31, 2013 and 2012, options to purchase 1.6 million shares and 2.3 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were antidilutive.