Income Per Common Share

9 Months Ended

Sep. 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)

	Nine Months Ended						Three Months Ended
	September 30,						September 30,
	2011			2010			2011		2010
Numerator:
Net income	$	55,854		$	11,525		$	6,306	$	3,798
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		55,549			11,220			6,306		3,798
Dividends on preferred stocks assumed to be converted, if dilutive		305			305			—		—
Interest expense including amortization of debt issuance costs, net of income taxes, on convertible debt assumed to be converted, if dilutive		298			—			8		—
Numerator for diluted net income per common share	$	56,152		$	11,525		$	6,314	$	3,798
Denominator:
Denominator for basic net income per common share — weighted-average shares		21,851,184			21,182,180			22,240,536		21,093,732
Effect of dilutive securities:
Convertible preferred stocks		935,540			937,080			935,366		936,536
Convertible notes payable		366,894			4,000			32,391		4,000
Stock options		345,245			157,682			317,420		158,886
Dilutive potential common shares		1,647,679			1,098,762			1,285,177		1,099,422
Denominator for diluted net income per common share — adjusted weighted-average shares and assumed conversions		23,498,863			22,280,942			23,525,713		22,193,154
Basic net income per common share	$	2.54		$	.53		$	.28	$	.18
Diluted net income per common share	$	2.39		$	.52		$	.27	$	.17

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:

	Nine Months Ended				Three Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
Convertible notes payable		—		979,160		—		979,160
Stock options		—		365,659		5,000		350,000
		—		1,344,819		5,000		1,329,160