EARNINGS PER COMMON SHARE

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE

The following table sets forth the computation of basic and diluted earnings per share:

	Three months ended
	March 31,
(Dollars in thousands, except per share data)	2013		2012
Numerator
Net income available to common shareholders	$	13,824	$	16,994
Denominator
Basic earnings per common share - weighted average shares	57,439,029		57,795,258
Effect of dilutive securities —
Employee stock awards	744,503		957,800
Warrants	99,935		127,985
Diluted earnings per common share - adjusted weighted average shares	58,283,467		58,881,043
Earnings per share available to common shareholders
Basic	$	0.24	$	0.29
Diluted	$	0.24	$	0.29

Warrants to purchase 465,117 shares of the Company's common stock were outstanding as of March 31, 2013 and 2012. These warrants, each representing the right to purchase one share of common stock, no par value per share, have an exercise price of $12.26 and expire on December 23, 2018.

Stock options and warrants, where the exercise price was greater than the average market price of the common shares were not included in the computation of net income per diluted share as they would have been antidilutive.  These out-of-the-money options were 346,765 and 282,163 at March 31, 2013 and 2012, respectively.