NET INCOME PER COMMON SHARE (Tables)

12 Months Ended

Dec. 31, 2015

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
	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