Earnings per Common Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Earnings per Common Share

EARNINGS PER COMMON SHARE

Basic earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding during the period presented, excluding unvested restricted stock. Diluted earnings per share is calculated by dividing net income by the weighted average number of common shares determined for the basic earnings per share computation plus the dilutive effects of stock-based compensation using the treasury stock method.

The following table sets forth the computation of basic and diluted earnings per common share:

Year Ended December 31,	2011		2010		2009
Net income	$	44,546	$	37,356	$	53,863
Less preferred stock dividends	3,422		3,422		3,422
Net income available to common shareholders, basic and diluted	$	41,124	$	33,934	$	50,441
Weighted average common shares outstanding for basic earnings per share computation	42,749,526		39,907,640		31,335,668
Dilutive effects of stock-based compensation	97,670		219,725		342,832
Weighted average common shares outstanding for diluted earnings per common share computation	42,847,196		40,127,365		31,678,500
Basic earnings per common share	$	0.96	$	0.85	$	1.61
Diluted earnings per common share	$	0.96	$	0.85	$	1.59

The Company had 2,865,832, 2,301,413 and 1,933,532 stock options outstanding as of December 31, 2011, 2010 and 2009, respectively, that were not included in the computation of diluted earnings per common share because their effect would be anti-dilutive. The Company had 9,427, 17,644 and 24,656 shares of unvested restricted stock as of December 31, 2011, 2010 and 2009, respectively, that were not included in the computation of diluted earnings per common share because performance conditions for vesting had not been met.