Earnings per Share ("EPS")

9 Months Ended

Sep. 30, 2012

Earnings per Share ("EPS")

NOTE 7. Earnings per Share (“EPS”)

The following tables set forth the calculation of basic and diluted EPS for the three-month and nine-month periods ended September 30, 2012 and 2011.

Basic earnings per common share

	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Net income available to common shareholders	$	36,732	$	14,960	$	97,998	$	35,776
Weighted average common shares outstanding		186,214		129,837		181,735		129,775
Basic earnings per common share	$	0.20	$	0.12	$	0.54	$	0.28

Diluted earnings per common share

	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Net income available to common shareholders	$	36,732	$	14,960	$	97,998	$	35,776
Weighted average common shares outstanding		186,214		129,837		181,735		129,775
Dilutive potential common shares		790		58		752		71
Total diluted average common shares outstanding	$	187,004	$	129,895	$	182,487	$	129,846
Diluted earnings per common share	$	0.20	$	0.12	$	0.54	$	0.28

For the three months ended September 30, 2012 and 2011, average options to purchase 1,929 and 2,400 shares, respectively, were outstanding but were not included in the computation of diluted EPS because the options’ common stock equivalents were antidilutive. For the nine months ended September 30, 2012 and 2011, average options to purchase 2,039 and 2,400 shares, respectively, were outstanding but were not included in the computation of diluted EPS because the options’ common stock equivalents were antidilutive.