Income Per Common Share

6 Months Ended

Jun. 30, 2011

Income Per Common Share [Abstract]

Income Per Common Share

Note 2: Income Per Common Share

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

(Dollars In Thousands, Except Per Share Amounts)

	Six Months Ended						Three Months Ended
	June 30,						June 30,
	2011			2010			2011		2010
Numerator:
Net income	$	49,548		$	7,727		$	28,645	$	6,009
Dividends on Series B Preferred		(240	)		(240	)		—		—
Dividends on Series D Preferred		(60	)		(60	)		—		—
Dividends on Noncumulative Preferred		(5	)		(5	)		—		—
Total dividends on preferred stocks		(305	)		(305	)		—		—
Numerator for basic net income per common share - net income applicable to common stock		49,243			7,422			28,645		6,009
Dividends on preferred stocks assumed to be converted, if dilutive		305			65			—		—
Interest expense including amortization of debt issuance costs, net of income taxes, on convertible debt assumed to be converted, if dilutive		290			—			25		—
Numerator for diluted net income per common share	$	49,838		$	7,487		$	28,670	$	6,009
Denominator:
Denominator for basic net income per common share — weighted-average shares		21,656,508			21,227,411			22,133,217		21,228,918
Effect of dilutive securities:
Convertible preferred stocks		935,626			270,425			935,626		936,566
Convertible notes payable		534,146			4,000			95,000		4,000
Stock options		359,158			190,332			362,634		207,849
Dilutive potential common shares		1,828,930			464,757			1,393,260		1,148,415
Denominator for diluted net income per common share — adjusted weighted-average shares and assumed conversions		23,485,438			21,692,168			23,526,477		22,377,333
Basic net income per common share	$	2.27		$	.35		$	1.29	$	.28
Diluted net income per common share	$	2.12		$	.35		$	1.22	$	.27

The following weighted-average shares of securities were not included in the computation of diluted net income per common share as their effect would have been antidilutive:

	Six Months Ended				Three Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
Convertible notes payable		—		979,160		—		979,160
Convertible preferred stocks		—		666,666		—		—
Stock options		—		373,619		—		372,253
		—		2,019,445		—		1,351,413