Earnings per Common Share

6 Months Ended

Jun. 30, 2011

Earnings per Common Share [Abstract]

Earnings per Common Share

(6) 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. Diluted earnings per common share is calculated by dividing net income by the weighted average number of common shares and potential common shares outstanding during the period.

The following table sets forth the computation of basic and diluted earnings per share for the three and six month periods ended June 30, 2011 and 2010.

	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Net income	$	9,854	$	6,659	$	19,360	$	17,789
Less preferred stock dividends		853		853		1,697		1,697
Net income available to common stockholders, basic and diluted	$	9,001	$	5,806	$	17,663	$	16,092
Weighted average common shares outstanding		42,781,894		42,620,563		42,735,897		37,133,376
Weighted average common shares issuable upon exercise of stock options and non-vested stock awards		114,717		283,433		138,031		269,087
Weighted average common and common equivalent shares outstanding		42,896,611		42,903,996		42,873,928		37,402,463
Basic earnings per common share	$	0.21	$	0.14	$	0.41	$	0.43
Diluted earnings per common share	$	0.21	$	0.14	$	0.41	$	0.43

The Company had 2,960,016 and 2,623,276 stock options outstanding for the three and six months ended June 30, 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 outstanding options to purchase 2,325,441 and 2,380,371 shares of common stock for the three and six months ended June 30, 2010, respectively, that were not included in the computation of diluted earnings per common share because their effect would be anti-dilutive.