Earnings per Common Share

3 Months Ended

Mar. 31, 2013

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, 2013 and 2012.

	Three Months Ended March 31,
	2013		2012
Net income	$	20,044	$	12,214
Less preferred stock dividends	—		853
Net income available to common shareholders, basic and diluted	$	20,044	$	11,361
Weighted average common shares outstanding for basic earnings per share computation	43,140,409		42,873,769
Dilutive effects of stock-based compensation	287,973		108,774
Weighted average common shares outstanding for diluted earnings per common share computation	43,428,382		42,982,543
Basic earnings per common share	$	0.46	$	0.26
Diluted earnings per common share	$	0.46	$	0.26

The Company had 1,025,419 and 2,657,668 stock options outstanding as of March 31, 2013 and 2012, respectively, that were not included in the computation of diluted earnings per common share because their effect would be anti-dilutive. The Company had 61,760 and 48,196 shares of unvested restricted stock as of March 31, 2013 and 2012, respectively, that were not included in the computation of diluted earnings per common share because performance conditions for vesting had not been met.