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NET INCOME PER COMMON SHARE (Tables)
 6 Months Ended
Jun. 30, 2014
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
June 30
  
Six Months Ended
June 30
 
 
 
2014
  
2013
  
2014
  
2013
 
Basic net income per common share
 
  
  
  
 
Numerator for basic net income per common share:
 
  
  
  
 
Net income
 
$
36,564
  
$
29,894
  
$
74,955
  
$
64,812
 
Redemption premiums paid on Series A and Series B preferred shares*
  
–
   
(19,924
)
  
–
   
(19,924
)
Preferred share dividends
  
(3,449
)
  
(5,867
)
  
(6,687
)
  
(11,137
)
Earnings participation of unvested stock awards
  
(12
)
  
(32
)
  
(36
)
  
(64
)
 
 
$
33,103
  
$
4,071
  
$
68,232
  
$
33,687
 
Denominator for basic net income per common share:
                
Weighted average common shares outstanding
  
95,767
   
95,616
   
95,772
   
95,588
 
Average unvested stock awards outstanding
  
(368
)
  
(490
)
  
(398
)
  
(515
)
 
  
95,399
   
95,126
   
95,374
   
95,073
 
 
 
$
0.35
  
$
0.04
  
$
0.72
  
$
0.35
 
Diluted net income per common share
                
Numerator for diluted net income per common share:
                
Net income available to common stockholders
 
$
33,103
  
$
4,071
  
$
68,232
  
$
33,687
 
Dividends on dilutive convertible preferred shares
  
–
   
–
   
–
   
44
 
 
 
$
33,103
  
$
4,071
  
$
68,232
  
$
33,731
 
Denominator for diluted net income per common share:
                
Basic weighted average common shares outstanding
  
95,399
   
95,126
   
95,374
   
95,073
 
Net effect of dilutive equity awards
  
227
   
148
   
209
   
134
 
Net effect of dilutive convertible preferred shares
  
–
   
123
   
–
   
152
 
 
  
95,626
   
95,397
   
95,583
   
95,359
 
 
 
$
0.35
  
$
0.04
  
$
0.71
  
$
0.35
 
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 were as follows (in thousands):

 
 
Quarter Ended
June 30
  
Six Months Ended
June 30
 
 
 
2014
  
2013
  
2014
  
2013
 
Antidilutive convertible preferred shares*
  
–
   
16,570
   
–
   
16,570
 
Antidilutive equity awards excludable under the treasury stock method
  
–
   
35
   
20
   
35
 
 
*The Series A and Series B preferred shares were redeemed in June 2013 – See NOTE 9.