Earnings per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Earnings Per Share

The table below presents a reconciliation between basic and diluted weighted average shares outstanding, net income available to common shareholders and basic and diluted income per share for the three and nine months ended September 30, 2013 and 2012:

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(In thousands, except per share amounts)	2013			2012		2013			2012
NUMERATOR
Net income	$	125,311		$	8,314	$	137,162		$	8,332
Preferred stock dividends	(1,219		)	—		(2,438		)	—
Excess of fair value over book value of preferred shares redeemed	—			—		(2,190		)	—
Interest on 3.25% convertible senior subordinated notes due 2017	611			128		1,833			—
Interest on 3.00% convertible senior subordinated notes due 2018	824			—		1,851			—
Net income to common shareholders	125,527			8,442		136,218			8,332
DENOMINATOR
Basic weighted average shares outstanding	24,358			19,434		23,642			19,014
Effect of dilutive securities:
Stock option awards	183			187		246			92
Deferred compensation awards	119			127		111			132
3.25% convertible senior subordinated notes due 2017	2,416			525		2,416			—
3.00% convertible senior subordinated notes due 2018	2,669			—		1,995			—
Diluted weighted average shares outstanding - adjusted for assumed conversions	29,745			20,273		28,410			19,238
Earnings per common share
Basic	$	5.09		$	0.43	$	5.61		$	0.44
Diluted	$	4.22		$	0.42	$	4.79		$	0.43
Anti-dilutive equity awards not included in the calculation of diluted earnings per common share	998			695		951			1,003

During both the second and third quarters of 2013, the Company declared a cash dividend of $609.375 per preferred share on its 2,000 outstanding Series A Preferred Shares. The dividend was paid on June 17, 2013 and September 16, 2013 to holders of record as of June 1, 2013 and September 1, 2013 for $1.2 million in cash, respectively.

In March 2013, the Company announced its intention to redeem 2,000 of its outstanding Series A Preferred Shares and recognized a $2.2 million non-cash equity charge in the first quarter of 2013 related to the excess of fair value over carrying value relating primarily to the original issuance costs that were paid in 2007. This charge reduced net income to common shareholders in the earnings per share calculation above for the nine month period ended September 30, 2013. On April 10, 2013, the Company redeemed the 2,000 Series A Preferred Shares for $50.4 million in cash.

In March 2013, the Company also issued 2.461 million common shares in a public offering at a price of $23.50 per share (for net proceeds of $54.6 million), which shares are included above in our total basic weighted average shares outstanding for the nine month period ended September 30, 2013.

For the three months ended September 30, 2013 and 2012 and for the nine months ended September 30, 2013, the effect of convertible debt was included in the diluted earnings per share calculations. For the nine months ended September 30, 2012, the effect of convertible debt was not included in the diluted earnings per share calculations as it would have been anti-dilutive.