Earnings per Common Share

6 Months Ended

Jun. 30, 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 and six month periods ended June 30, 2012 and 2011.

	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
Net income	$	13,010	$	9,854	$	25,224	$	19,360
Less preferred stock dividends	853		853		1,706		1,697
Net income available to common shareholders, basic and diluted	$	12,157	$	9,001	$	23,518	$	17,663
Weighted average common shares outstanding for basic earnings per share computation	42,966,926		42,781,894		42,920,347		42,735,897
Dilutive effects of stock-based compensation	93,278		114,717		96,111		138,031
Weighted average common shares outstanding for diluted earnings per common share computation	43,060,204		42,896,611		43,016,458		42,873,928
Basic earnings per common share	$	0.28	$	0.21	$	0.55	$	0.41
Diluted earnings per common share	$	0.28	$	0.21	$	0.55	$	0.41

The Company had 2,828,234 and 2,623,276 stock options outstanding as of June 30, 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 33,068 shares of unvested restricted stock as of June 30, 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.