Earnings Per Common Share

6 Months Ended

Jun. 30, 2015

EARNINGS PER COMMON SHARE

Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding net of unvested shares of restricted stock.

Diluted earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding, adjusted for the dilutive effect of potential common shares issuable for stock options, warrants and restricted shares, as calculated using the treasury stock method. Adjustments to the weighted average number of shares of common stock outstanding are made only when such adjustments dilute earnings per common share.

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2015		2014		2015		2014
Net income	$	40,131	$	34,831	$	80,474	$	69,355
Less: Preferred stock dividends		2,010		2,010		4,020		4,332

Net income available to common stockholders	$	38,121	$	32,821	$	76,454	$	65,023

Basic weighted average common shares outstanding		174,940,911		166,185,080		174,548,775		164,196,783
Net effect of dilutive stock options, warrants, restricted stock and convertible debt		1,420,929		1,682,528		1,547,420		1,731,577

Diluted weighted average common shares outstanding		176,361,840		167,867,608		176,096,195		165,928,360

Earnings per common share:
Basic	$	0.22	$	0.20	$	0.44	$	0.40

Diluted	$	0.22	$	0.20	$	0.43	$	0.39

For the three months ended June 30, 2015 and 2014, 17,918 and 30,649 shares of common stock, respectively, related to stock options and warrants were excluded from the computation of diluted earnings per common share because the exercise price of the shares was greater than the average market price of the common shares and, therefore, the effect would be anti-dilutive. For the six months ended June 30, 2015 and 2014, 20,984 and 41,023 shares of common stock, respectively, related to stock options and warrants were excluded from the computation of diluted earnings per common share because the exercise price of the shares was greater than the average market price of the common shares and, therefore, the effect would be anti-dilutive.