EARNINGS PER COMMON SHARE

3 Months Ended

Mar. 31, 2015

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)	2015		2014
Numerator
Net income available to common shareholders	$	17,621	$	15,104
Denominator
Basic earnings per common share - weighted average shares	61,013,489		57,091,604
Effect of dilutive securities
Employee stock awards	567,806		591,659
Warrants	150,549		144,916
Diluted earnings per common share - adjusted weighted average shares	61,731,844		57,828,179
Earnings per share available to common shareholders
Basic	$	0.29	$	0.26
Diluted	$	0.29	$	0.26

Warrants to purchase 465,117 shares of the Company's common stock were outstanding as of March 31, 2015 and 2014. 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 20,626 and 24,026 using a period end price at March 31, 2015 and 2014, respectively.  

During the second quarter of 2014, the Company received shareholder authorization to issue up to 10,000,000 preferred shares. As of March 31, 2015, no preferred shares were issued or outstanding.