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NET INCOME PER COMMON SHARE
 6 Months Ended
Jun. 30, 2016
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 deducting dividends paid or accrued on preferred stock and 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 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):
 
  
Quarter Ended
June 30
  
Six Months Ended
June 30
 
  
2016
  
2015
  
2016
  
2015
 
Basic net income per common share
            
Numerator for basic net income per common share:
            
Net income
 
$
21,630
  
$
24,944
  
$
48,983
  
$
58,901
 
Preferred stock dividends
  
(3,843
)
  
(3,788
)
  
(7,669
)
  
(7,530
)
Earnings participation of unvested equity awards
  
(39
)
  
(33
)
  
(83
)
  
(67
)
  
$
17,748
  
$
21,123
  
$
41,231
  
$
51,304
 
Denominator for basic net income per common share:
                
Average number of shares of common stock outstanding
  
95,947
   
95,805
   
95,930
   
95,815
 
Average unvested stock awards outstanding
  
(299
)
  
(304
)
  
(299
)
  
(330
)
   
95,648
   
95,501
   
95,631
   
95,485
 
  
$
0.19
  
$
0.22
  
$
0.43
  
$
0.54
 
Diluted net income per common share
                
Numerator for diluted net income per common share:
                
Numerator for basic net income per common share
 
$
17,748
  
$
21,123
  
$
41,231
  
$
51,304
 
                 
Denominator for diluted net income per common share:
                
Denominator for basic net income per common share
  
95,648
   
95,501
   
95,631
   
95,485
 
Net effect of dilutive equity awards
  
138
   
188
   
135
   
197
 
   
95,786
   
95,689
   
95,766
   
95,682
 
  
$
0.19
  
$
0.22
  
$
0.43
  
$
0.54