Earnings Per Share

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share

Note 6. Earnings Per Share

Basic earnings per share excludes dilution and is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity (such as the Company’s dilutive stock options and restricted stock units).

The following is a reconciliation of basic and diluted earnings per share for the periods presented in the consolidated statements of income.

Three months ended March 31,	2014		2013
(in thousands, except per share data)
Basic EPS:
Weighted average common shares outstanding		43,762		36,410
Net income available to common shareholders		18,009		7,649
Basic EPS	$	0.41	$	0.21
Diluted EPS:
Weighted average common shares outstanding		43,762		36,410
Dilutive effect of common stock options and restricted stock		505		384
Weighted average common shares and common share equivalents		44,267		36,794
Net income available to common shareholders		18,009		7,649
Diluted EPS	$	0.41	$	0.21

There were 479,543 stock options for the quarter ended March 31, 2014 and 1,171,825 stock options for the quarter ended March 31, 2013 that were not considered in the calculation of diluted earnings per share since the stock options’ exercise price was greater than the average market price during these periods.