NET INCOME PER COMMON SHARE (Tables)

12 Months Ended

Dec. 31, 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 for the indicated periods (dollars in thousands, except per share amounts):

	Year ended December 31
	2013			2012			2011
Basic net income per common share
Numerator for basic net income per common share:
Net income	$	126,487		$	163,626		$	160,204
Preferred share dividends		(17,536	)		(21,021	)		(20,369	)
Redemption preference premiums paid on Series A and Series B preferred shares*		(19,924	)		–			–
Unvested stock award participation in earnings		(139	)		(372	)		(579	)
	$	88,888		$	142,233		$	139,256
Denominator for basic net income per common share:
Weighted average common shares outstanding		95,679			95,115			79,784
Average unvested stock awards outstanding		(506	)		(522	)		(468	)
		95,173			94,593			79,316
	$	0.93		$	1.50		$	1.76
Diluted net income per common share
Numerator for diluted net income per common share:
Net income available to common stockholders	$	88,888		$	142,233		$	139,256
Dividends on dilutive convertible preferred shares		44			298			298
	$	88,932		$	142,531		$	139,554
Denominator for diluted net income per common share:
Basic weighted average common shares outstanding		95,173			94,593			79,316
Net effect of dilutive stock and option awards		145			111			71
Net effect of dilutive convertible preferred shares		75			308			309
		95,393			95,012			79,696
	$	0.93		$	1.50		$	1.75

* The Series A and Series B preferred shares were redeemed on June 13, 2013 (See NOTE 11).

Potentially Dilutive Securities Excluded From Computation Of Net Income Per Common Share

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

	Year ended December 31
	2013		2012		2011
Antidilutive convertible preferred shares*		16,539		16,493		16,184
Antidilutive equity awards excludable under the treasury stock method:
Shares issuable under option awards		30		10		40
Restricted stock units		243		–		–

* The Series A and Series B preferred shares were redeemed on June 13, 2013 (See NOTE 11).