Net Income Per Share

6 Months Ended

Jun. 30, 2014

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 three and six months ended June 30, 2014 and 2013.

	Three Months Ended June 30,
	2014					2013
	Net Income		Weighted-Average Shares	Per Share Amount		Net Income			Weighted-Average Shares	Per Share Amount
Basic net income per share:	$	15,160				$	10,815
Less: Preferred Stock dividends and discount accretion						(852		)
Net income available to common stockholders	15,160		36,026,763	$	0.42	9,963			28,783,407	$	0.35
Effect of dilutive stock options and warrants			267,386						240,106
Diluted net income per share:
Net income available to common stockholders	$	15,160	36,294,149	$	0.41	$	9,963		29,023,513	$	0.34

	Six Months Ended June 30,
	2014					2013
	Net Income		Weighted-Average Shares	Per Share Amount		Net Income			Weighted-Average Shares	Per Share Amount
Basic net income per share:	$	28,780				$	22,680
Less: Preferred Stock dividends and discount accretion						(1,709		)
Net income available to common stockholders	28,780		35,991,794	$	0.80	20,971			28,750,197	$	0.73
Effect of dilutive stock options and warrants			285,754						246,577
Diluted net income per share:
Net income available to common stockholders	$	28,780	36,277,548	$	0.79	$	20,971		28,996,774	$	0.72

Stock options to purchase 584,194 and 695,868 shares for the three months ended June 30, 2014, and 2013, respectively, were not included in the earnings per share calculation because the exercise price exceeded the average market price.

Stock options to purchase 619,890 and 693,930 shares for the six months ended June 30, 2014 and 2013, respectively, were not included in the earnings per share calculation because the exercise price exceeded the average market price.