Earnings per Common Share

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

Earnings per Common Share

13. 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,
(dollars in thousands, except per share data)	2016		2015		2016		2015
Net income	$	41,300	$	40,131	$	67,432	$	80,474
Less: Preferred stock dividends		2,010		2,010		4,020		4,020
Net income available to common stockholders	$	39,290	$	38,121	$	63,412	$	76,454
Basic weighted average common shares outstanding		210,106,985		174,940,911		201,846,343		174,548,775
Net effect of dilutive stock options, warrants, restricted stock and convertible debt		1,568,464		1,420,929		1,425,062		1,547,420
Diluted weighted average common shares outstanding		211,675,449		176,361,840		203,271,405		176,096,195
Earnings per common share:
Basic	$	0.19	$	0.22	$	0.31	$	0.44
Diluted	$	0.19	$	0.22	$	0.31	$	0.43

The following table shows the shares excluded from the diluted net income per common share calculation as their effect would have been anti-dilutive:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
Shares excluded from the diluted net income per common share calculation		11,971		17,918		13,583		20,984