Earnings Per Common Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 3: Earnings Per Common Share

Earnings per share are calculated utilizing the two-class method. Basic earnings per share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding. Diluted earnings per share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of shares adjusted for the dilutive effect of common stock awards (outstanding stock options, unvested restricted stock, and outstanding stock warrants). Presented below are the calculations for basic and diluted earnings per common share.

	For the three months ended						For the six months ended
	June 30,						June 30,
	2011			2010			2011			2010
				(In Thousands, except per share data)
Net income (loss)	$	34,382		$	(2,779	)	$	57,235		$	(29,168	)
Preferred stock dividends and discount accretion		(8,812	)		(7,377	)		(16,225	)		(14,742	)
Net income (loss) available to common equity	$	25,570		$	(10,156	)	$	41,010		$	(43,910	)
Common shareholder dividends		(1,733	)		(1,729	)		(3,466	)		(3,457	)
Unvested share-based payment awards		(12	)		(7	)		(21	)		(15	)
Undistributed earnings	$	23,825		$	(11,892	)	$	37,523		$	(47,382	)
Basic
Distributed earnings to common shareholders	$	1,733		$	1,729		$	3,466		$	3,457
Undistributed earnings to common shareholders		23,668			(11,892	)		37,293			(47,382	)
Total common shareholders earnings, basic	$	25,401		$	(10,163	)	$	40,759		$	(43,925	)
Diluted
Distributed earnings to common shareholders	$	1,733		$	1,729		$	3,466		$	3,457
Undistributed earnings to common shareholders		23,668			(11,892	)		37,293			(47,382	)
Total common shareholders earnings, diluted	$	25,401		$	(10,163	)	$	40,759		$	(43,925	)
Weighted average common shares outstanding		173,323			172,921			173,268			169,401
Effect of dilutive common stock awards		4			—			4			—
Diluted weighted average common shares outstanding		173,327			172,921			173,272			169,401
Basic earnings (loss) per common share	$	0.15		$	(0.06	)	$	0.24		$	(0.26	)
Diluted earnings (loss) per common share	$	0.15		$	(0.06	)	$	0.24		$	(0.26	)

Options to purchase approximately 6 million and 5 million shares were outstanding for the three and six months ended June 30, 2011, but excluded from the calculation of diluted earnings per common share as the effect would have been anti-dilutive. As a result of the Corporation’s reported net loss for the three and six months ended June 30, 2010, all of the stock options outstanding were excluded from the computation of diluted earnings (loss) per common share.