NET INCOME PER COMMON SHARE (Tables)

9 Months Ended

Sep. 30, 2013

NET INCOME PER COMMON SHARE [Abstract]

Components of Computation of Basic and Diluted Net Income Per Common Share

Components of the computation of basic and diluted net income per common share were as follows (dollars in thousands, except per share amounts):

	Quarter Ended September 30						Nine Months Ended September 30
	2013			2012			2013			2012
Basic net income per common share
Numerator for basic net income per common share:
Net income	$	24,702		$	40,037		$	89,514		$	128,542
Redemption premiums paid on Series A and
Series B preferred shares*		–			–			(19,924	)		–
Preferred share dividends		(3,188	)		(5,270	)		(14,325	)		(15,751	)
Unvested stock award participation in earnings		(32	)		(91	)		(96	)		(296	)
	$	21,482		$	34,676		$	55,169		$	112,495
Denominator for basic net income per common share:
Weighted average common shares outstanding		95,761			98,581			95,647			94,324
Average unvested stock awards outstanding		(493	)		(510	)		(508	)		(516	)
		95,268			98,071			95,139			93,808
	$	0.23		$	0.35		$	0.58		$	1.20
Diluted net income per common share
Numerator for diluted net income per common share:
Net income available to common stockholders	$	21,482		$	34,676		$	55,169		$	112,495
Dividends on dilutive convertible preferred shares		–			75			44			223
	$	21,482		$	34,751		$	55,213		$	112,718
Denominator for diluted net income per common share:
Basic weighted average common shares outstanding		95,268			98,071			95,139			93,808
Net effect of dilutive stock and option awards		148			132			133			119
Net effect of dilutive convertible preferred shares		–			309			101			309
		95,416			98,512			95,373			94,236
	$	0.23		$	0.35		$	0.58		$	1.20

* The Series A and Series B preferred shares were redeemed on June 13, 2013 (See NOTE 9).

Potentially Dilutive Securities Excluded from Computation of Net Income Per Common Share

Potentially dilutive securities excluded from the computation of net income per common share because the effect of inclusion was antidilutive were as follows (in thousands):

	Quarter Ended September 30				Nine Months Ended September 30
	2013		2012		2013		2012
Antidilutive convertible preferred shares*		–		16,493		16,539		16,493
Antidilutive equity awards excludable under the treasury stock method:
Shares issuable under option awards		35		10		35		10
Unvested stock awards		–		2		–		2

* The Series A and Series B preferred shares were redeemed on June 13, 2013 (See NOTE 9).