Earnings per Common Share

12 Months Ended

Dec. 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 common share:

Year Ended December 31,	2013		2012		2011
Net income	$	86,136	$	58,224	$	44,546
Less preferred stock dividends	—		3,300		3,422
Net income available to common shareholders, basic and diluted	$	86,136	$	54,924	$	41,124
Weighted average common shares outstanding for basic earnings per share computation	43,566,681		42,965,987		42,749,526
Dilutive effects of stock-based compensation	477,921		126,991		97,670
Weighted average common shares outstanding for diluted earnings per common share computation	44,044,602		43,092,978		42,847,196
Basic earnings per common share	$	1.98	$	1.28	$	0.96
Diluted earnings per common share	$	1.96	$	1.27	$	0.96

The Company had 21,372, 2,427,823 and 2,865,832 stock options outstanding as of December 31, 2013, 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 37,734, 41,240 and 9,427 shares of unvested restricted stock as of December 31, 2013, 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.