Earnings per Common Share

12 Months Ended

Dec. 31, 2014

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,	2014		2013		2012
Net income	$	84,401	$	86,136	$	58,224
Less preferred stock dividends	—		—		3,300
Net income available to common shareholders, basic and diluted	$	84,401	$	86,136	$	54,924
Weighted average common shares outstanding for basic earnings per share computation	44,615,060		43,566,681		42,965,987
Dilutive effects of stock-based compensation	595,501		477,921		126,991
Weighted average common shares outstanding for diluted earnings per common share computation	45,210,561		44,044,602		43,092,978
Basic earnings per common share	$	1.89	$	1.98	$	1.28
Diluted earnings per common share	1.87		1.96		1.27

The Company had 5,000, 21,372 and 2,427,823 stock options outstanding as of December 31, 2014, 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 88,797, 37,734 and 41,240 shares of unvested restricted stock as of December 31, 2014, 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.