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NET INCOME PER COMMON SHARE
 12 Months Ended
Dec. 31, 2015
NET INCOME PER COMMON SHARE [Abstract]  
NET INCOME PER COMMON SHARE
NOTE 3 ¾ NET INCOME PER COMMON SHARE
 
Basic net income per common share is computed by dividing net income, after (a) deducting dividends paid or accrued on preferred stock, (b) deducting any preferred stock redemption premiums paid and (c) allocating earnings to equity awards deemed to be participating securities pursuant to the two-class method, by the average number of shares of common stock outstanding, calculated excluding unvested stock awards.  Participating securities include unvested equity awards that contain non-forfeitable rights to dividends prior to vesting.

Diluted net income per common share is computed by dividing the numerator used to compute basic net income per common share (after adding back dividends on shares of convertible preferred stock prior to their redemption in June 2013 and when such shares were dilutive) by the denominator used to compute basic net income per common share, further adjusted for the dilutive effect, if any, of equity awards and shares of preferred stock when and if convertible into shares of common stock.  Shares of the Company’s 7.50% Series E Cumulative Redeemable Preferred Stock are contingently convertible into shares of common stock only upon the occurrence of a change in control and therefore are not considered dilutive securities absent such an occurrence.  Any unvested equity awards that are deemed participating securities are included in the calculation of diluted net income per common share, if dilutive, under either the two-class method or the treasury stock method, depending upon which method produces the more dilutive result.  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
 
  
2015
  
2014
  
2013
 
Basic net income per common share
         
Numerator for basic net income per common share:
         
Net income
 
$
108,325
  
$
140,820
  
$
126,487
 
Preferred stock dividends
  
(15,160
)
  
(13,781
)
  
(17,536
)
Redemption preference premiums paid on convertible preferred stock
  
–
   
–
   
(19,924
)
Earnings participation of unvested equity awards
  
(123
)
  
(95
)
  
(139
)
  
$
93,042
  
$
126,944
  
$
88,888
 
Denominator for basic net income per common share:
            
Average number of shares of common stock outstanding
  
95,817
   
95,789
   
95,679
 
Average unvested stock awards outstanding
  
(308
)
  
(398
)
  
(506
)
   
95,509
   
95,391
   
95,173
 
  
$
0.97
  
$
1.33
  
$
0.93
 
Diluted net income per common share
            
Numerator for diluted net income per common share:
            
Numerator for basic net income per common share
 
$
93,042
  
$
126,944
  
$
88,888
 
Dividends on dilutive convertible preferred stock
  
–
   
–
   
44
 
  
$
93,042
  
$
126,944
  
$
88,932
 
Denominator for diluted net income per common share:
            
Denominator for basic net income per common share
  
95,509
   
95,391
   
95,173
 
Net effect of dilutive equity awards
  
192
   
238
   
145
 
Net effect of dilutive convertible preferred stock
  
–
   
–
   
75
 
   
95,701
   
95,629
   
95,393
 
  
$
0.97
  
$
1.33
  
$
0.93
 
 
Securities that could be potentially dilutive in the future that were not included in the computation of diluted net income per common share include 15,000, 15,000 and 273,000 anti-dilutive equity awards excludable under the treasury stock method for 2015, 2014 and 2013, respectively.