Earnings per Common Share

3 Months Ended

Mar. 31, 2012

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 share for the three month periods ended March 31, 2012 and 2011.

Three months ended March 31,	2012		2011
Net income	$	12,214	$	9,506
Less preferred stock dividends	853		844
Net income available to common shareholders, basic and diluted	$	11,361	$	8,662
Weighted average common shares outstanding for basic earnings per share computation	42,873,769		42,689,390
Dilutive effects of stock-based compensation	108,774		170,591
Weighted average common shares outstanding for diluted earnings per common share computation	42,982,543		42,859,981
Basic earnings per common share	$	0.26	$	0.20
Diluted earnings per common share	$	0.26	$	0.20

The Company had 2,657,668 and 2,265,709 stock options outstanding as of March 31, 2012 and 2011, respectively, that were not included in the computation of diluted earnings per common share because their effect would be anti-dilutive. The Company had 48,196 and 41,704 shares of unvested restricted stock as of March 31, 2012 and 2011, respectively, that were not included in the computation of diluted earnings per common share because performance conditions for vesting had not been met.