EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 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:

(Dollars in thousands, except per share data)	2013		2012		2011
Numerator
Net income	$	48,349	$	67,303	$	66,739
Denominator
Basic earnings per common share - weighted average shares	57,270,233		57,876,685		57,691,979
Effect of dilutive securities
Employee stock awards	692,050		873,293		907,428
Warrants	110,771		118,814		93,798
Diluted earnings per common share - adjusted weighted average shares	58,073,054		58,868,792		58,693,205
Earnings per share available to common shareholders
Basic	$	0.84	$	1.16	$	1.16
Diluted	$	0.83	$	1.14	$	1.14

Warrants to purchase 465,117 shares of the Company's common stock were outstanding as of December 31, 2013, 2012 and 2011, respectively. These warrants, each representing the right to purchase one share of common stock, no par value per share, have an exercise price of $12.12 and expire on December 23, 2018.

Stock options and warrants, with an exercise price 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 anti-dilutive.  These out-of-the-money options were 215,452, 1,092,253 and 420,076 at December 31, 2013, 2012 and 2011, respectively.