Earnings per Common Share

12 Months Ended

Dec. 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 common share:

Year Ended December 31,	2012		2011		2010
Net income	$	58,224	$	44,546	$	37,356
Less preferred stock dividends	3,300		3,422		3,422
Net income available to common shareholders, basic and diluted	$	54,924	$	41,124	$	33,934
Weighted average common shares outstanding for basic earnings per share computation	42,965,987		42,749,526		39,907,640
Dilutive effects of stock-based compensation	126,991		97,670		219,725
Weighted average common shares outstanding for diluted earnings per common share computation	43,092,978		42,847,196		40,127,365
Basic earnings per common share	$	1.28	$	0.96	$	0.85
Diluted earnings per common share	$	1.27	$	0.96	$	0.85

The Company had 2,427,823, 2,865,832 and 2,301,413 stock options outstanding as of December 31, 2012, 2011 and 2010, respectively, that were not included in the computation of diluted earnings per common share because their effect would be anti-dilutive. The Company had 41,240, 9,427 and 17,644 shares of unvested restricted stock as of December 31, 2012, 2011 and 2010, respectively, that were not included in the computation of diluted earnings per common share because performance conditions for vesting had not been met.