EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 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				Six months ended
	June 30,				June 30,
(Dollars in thousands, except per share data)	2014		2013		2014		2013
Numerator
Net income available to common shareholders	$	15,953	$	15,829	$	31,057	$	29,653
Denominator
Basic earnings per common share - weighted average shares	57,201,494		57,291,994		57,146,853		57,365,105
Effect of dilutive securities —
Employee stock awards	613,919		735,440		602,863		739,927
Warrants	136,223		100,915		140,552		101,471
Diluted earnings per common share - adjusted weighted average shares	57,951,636		58,128,349		57,890,268		58,206,503
Earnings per share available to common shareholders
Basic	$	0.28	$	0.28	$	0.54	$	0.52
Diluted	$	0.28	$	0.27	$	0.54	$	0.51

Warrants to purchase 465,117 shares of the Company's common stock were outstanding as of June 30, 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 174,426 and 654,616 at June 30, 2014 and 2013, respectively.  

During the second quarter of 2014, the Company received shareholder authorization to issue up to 10,000,000 preferred shares. As of June 30, 2014, no preferred shares were issued or outstanding.