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EARNINGS PER COMMON SHARE
3 Months Ended
Mar. 31, 2014
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)
 
2014
 
2013
Numerator
 
 
 
 
Net income available to common shareholders
 
$
15,104

 
$
13,824

 
 
 
 
 
Denominator
 
 
 
 
Basic earnings per common share - weighted average shares
 
57,091,604

 
57,439,029

Effect of dilutive securities —
 
 
 
 
Employee stock awards
 
591,659

 
744,503

Warrants
 
144,916

 
99,935

Diluted earnings per common share - adjusted weighted average shares
 
57,828,179

 
58,283,467

 
 
 
 
 
Earnings per share available to common shareholders
 
 
 
 
Basic
 
$
0.26

 
$
0.24

Diluted
 
$
0.26

 
$
0.24



Warrants to purchase 465,117 shares of the Company's common stock were outstanding as of March 31, 2014 and 2013. 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, 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 24,026 and 346,765 at March 31, 2014 and 2013, respectively.