Earnings per Common Share

6 Months Ended

Jun. 30, 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 and six month periods ended June 30, 2013 and 2012.

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Net income	$	21,505	$	13,010	$	41,549	$	25,224
Less preferred stock dividends	—		853		—		1,706
Net income available to common shareholders, basic and diluted	$	21,505	$	12,157	$	41,549	$	23,518
Weighted average common shares outstanding for basic earnings per share computation	43,480,502		42,966,926		43,335,682		42,920,347
Dilutive effects of stock-based compensation	427,785		93,278		376,978		96,111
Weighted average common shares outstanding for diluted earnings per common share computation	43,908,287		43,060,204		43,712,660		43,016,458
Basic earnings per common share	$	0.49	$	0.28	$	0.96	$	0.55
Diluted earnings per common share	$	0.49	$	0.28	$	0.95	$	0.55

The Company had 976,063 and 2,828,234 stock options outstanding as of June 30, 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 56,668 and 48,196 shares of unvested restricted stock as of June 30, 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.