Stockholders’ Equity and EPS

Common Stock

In the second quarter of 2014, to support the continued growth of our balance sheet, we completed a registered public offering of 4,485,000 shares of our common stock at an offering price of $101.00 per share. We received net proceeds of $434.9 million after deducting underwriting discounts and commissions.

Stockholders' Rights Plan

Our Board of Directors (the “Board”) had previously adopted a stockholders' rights plan (the "Rights Plan") to, among other things, protect our stockholders from coercive takeover tactics. The Rights Plan expired on January 31, 2014. It was not renewed or extended by our Board of Directors.

Accumulated Other Comprehensive Income

The following table summarizes the items reclassified out of accumulated other comprehensive income (loss) into the Consolidated Statements of Income for 2014, 2013, and 2012:



		Year ended December 31,
(Dollars in thousands)	Income Statement Location	2014			2013			2012
Reclassification adjustment for losses (gains) included in net income	Gains on investment securities, net	$	18,598		$	(538	)	$	(4,241	)
Related tax (benefit) expense	Income tax expense	(7,510		)	218			1,661
Total reclassification adjustment for losses (gains) included in net income, net of tax		$	11,088		$	(320	)	$	(2,580	)

EPS

Basic EPS is the amount of earnings available to each share of common stock outstanding during the reporting period. Diluted EPS is the amount of earnings available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares. Potentially dilutive common shares include incremental shares issued for stock option and restricted stock unit awards outstanding under our equity incentive plan and our ESPP. Potentially dilutive common shares are excluded from the computation of dilutive EPS in periods in which the effect would be antidilutive. The following is a reconciliation of basic EPS to diluted EPS for 2014, 2013 and 2012:



	Year ended December 31,
(Dollars and shares in thousands, except per share amounts)	2014		2013		2012
Numerator:
Net income available to common stockholders	$	263,925	$	215,853	$	175,103
Denominator:
Weighted average common shares outstanding-basic	48,931		45,309		44,242
Weighted average effect of dilutive securities:
Stock options and ESPP	485		431		370
Restricted stock units	246		204		152
Denominator for diluted calculation	49,662		45,944		44,764
Earnings per common share:
Basic	$	5.39	$	4.76	$	3.96
Diluted	$	5.31	$	4.70	$	3.91

The following table summarizes the weighted-average common shares excluded from the diluted EPS calculation as they were deemed to be antidilutive for 2014, 2013 and 2012:



	Year ended December 31,
(Shares in thousands)	2014	2013	2012
Stock options	161	261	695
Restricted stock units	—	105	—
Total	161	366	695