Earnings per Share

6 Months Ended

Jun. 30, 2011

Earnings per Share [Abstract]

Earnings per Share

7. Earnings per share

          The reconciliation between basic and diluted earnings per share (“EPS”) is calculated using the treasury stock method and presented as follows:

	Quarter ended				Six months ended
	June 30,		June 30,		June 30,		June 30,
	2011		2010		2011		2010
BASIC EPS:
Net income available to common shareholders	$	29,763	$	31,493	$	57,324	$	46,883
Average common shares outstanding		109,138		98,968		108,954		93,400
Net income per share — basic	$	0.27	$	0.32	$	0.53	$	0.50
DILUTED EPS:
Net income available to common shareholders	$	29,763	$	31,493	$	57,324	$	46,883
Add: interest expense on convertible bonds		—		—		—		—
	$	29,763	$	31,493	$	57,324	$	46,883
Avg common shares outstanding		109,138		98,968		108,954		93,400
Add: Equivalents from stock options and restricted stock		1		1		1		3
Add: Equivalents-convertible bonds		—		—		—		—
Average common shares and equivalents outstanding		109,139		98,969		108,955		93,403
Net income per common share — diluted	$	0.27	$	0.32	$	0.53	$	0.50

          For the quarters ended June 30, 2011 and 2010 options to purchase 3.4 million and 4.6 million shares, respectively, were outstanding, but not included in the computation of diluted earnings per share because they were antidilutive.

          During the quarter ended June 30, 2010, the Corporation closed and completed the sale of a total of 17,600,160 common shares at $19.00 per share in a public underwritten offering. The net proceeds from the offering were approximately $320.1 million after deducting underwriting discounts and commissions and the estimated expenses of the offering paid by the Corporation.