Net Income Per Share

12 Months Ended

Dec. 31, 2012

Earnings Per Share [Abstract]

Net Income Per Share

NET INCOME PER SHARE

Basic net income per share is computed by dividing net income by the weighted-average shares outstanding during the reporting period. Diluted net income per share is computed by dividing net income by the combination of all dilutive common share equivalents, comprised of shares issuable under the Corporation’s share-based compensation plans, and the weighted-average shares outstanding during the reporting period.

Dilutive common share equivalents include the dilutive effect of in-the-money share-based awards, which are calculated based on the average share price for each period using the treasury stock method. Under the treasury stock method, the exercise price of share-based awards, the amount of compensation expense, if any, for future service that the Corporation has not yet recognized, and the amount of estimated tax benefits that would be recorded in additional paid-in capital when share-based awards are exercised, are assumed to be used to repurchase common stock in the current period.

The following table reconciles basic and diluted net income per share for the years indicated:

	2012						2011						2010
	Net Income			Weighted-Average Shares	Per Share Amount		Net Income			Weighted-Average Shares	Per Share Amount		Net Income (Loss)			Weighted-Average Shares	Per Share Amount
Basic net income per share:	$	45,122					$	25,252					$	6,909
Gain on exchange of preferred stock for trust preferred securities													11,353
Loss on CPP unamortized discount							(1,401		)				(1,301		)
Loss on extinguishment of trust preferred securities							(10,857		)
Preferred stock dividends	(4,539		)				(3,981		)				(5,239		)
Net income available to common stockholders	40,583			28,632,915	$	1.42	9,013			26,550,043	$	0.34	11,722			24,519,033	$	0.48
Effect of dilutive stock options and warrants				213,769						143,805						123,392
Diluted net income per share:
Net income available to common stockholders	$	40,583		28,846,684	$	1.41	$	9,013		26,693,848	$	0.34	$	11,722		24,642,425	$	0.48

Options to purchase 820,706, 1,029,577, and 1,052,994 shares of common stock with weighted average exercise prices of $21.58, $22.57, and $23.01 at December 31, 2012, 2011 and 2010 respectively, were excluded from the computation of diluted net income per share because the options exercise price was greater than the average market price of the common stock.