XML 58 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Earnings per Common Share
 9 Months Ended
Sep. 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 nine month periods ended September 30, 2012 and 2011.
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2012
2011
 
2012
2011
Net income
$
16,155

$
11,921

 
$
41,379

$
31,281

Less preferred stock dividends
863

862

 
2,569

2,559

Net income available to common shareholders, basic and diluted
$
15,292

$
11,059

 
$
38,810

$
28,722

 
 
 
 
 
 
Weighted average common shares outstanding for basic earnings per share computation
42,989,564

42,774,259

 
42,943,588

42,737,986

Dilutive effects of stock-based compensation
130,513

67,404

 
102,968

111,368

Weighted average common shares outstanding for diluted earnings per common share computation
43,120,077

42,841,663

 
43,046,556

42,849,354

 
 
 
 
 
 
Basic earnings per common share
$
0.36

$
0.26

 
$
0.90

$
0.67

Diluted earnings per common share
$
0.35

$
0.26

 
$
0.90

$
0.67



The Company had 2,814,277 and 2,888,192 stock options outstanding as of September 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 September 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.