EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

EARNINGS PER SHARE

2. EARNINGS PER SHARE

The components of the Company’s basic and diluted earnings per share are as follows: 

(dollars in thousands)	Year Ended December 31,
	2013		2012		2011
Income for EPS
Net income	$	53,387	$	98,910	$	84,401
Calculation of shares
Weighted average basic shares	145,602,670		150,566,098		151,386,614
Dilutive effect of share-based compensation	441,388		293,897		267,032
Weighted average fully diluted shares	146,044,058		150,859,995		151,653,646
Earnings per share
Basic	$	0.37	$	0.66	$	0.56
Diluted	$	0.37	$	0.66	$	0.56

The following stock options were excluded from the computation of earnings per share as they were anti-dilutive:

	Year Ended December 31,
	2013		2012		2011
Stock Options	3,429,793		4,322,167		5,039,081
Exercise price
Low	$	8.69	$	7.07	$	5.85
High	$	21.49	$	21.49	$	21.49