Earnings per Common Share

9 Months Ended

Sep. 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 nine month periods ended September 30, 2011 and 2010.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Net income	$	11,921	$	8,729	$	31,281	$	26,518
Less preferred stock dividends		862		862		2,559		2,559
Net income available to common stockholders, basic and diluted	$	11,059	$	7,867	$	28,722	$	23,959
Weighted average common shares outstanding		42,774,259		42,634,283		42,737,986		38,986,458
Weighted average common shares issuable upon exercise of stock options and non-vested stock awards		67,404		150,587		111,368		216,219
Weighted average common and common equivalent shares outstanding		42,841,663		42,784,870		42,849,354		39,202,677
Basic earnings per common share	$	0.26	$	0.18	$	0.67	$	0.61
Diluted earnings per common share	$	0.26	$	0.18	$	0.67	$	0.61

The Company had 2,918,480 and 2,888,192 stock options outstanding for the three and nine months ended September 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 2,725,188 and 2,315,166 stock options outstanding for the three and nine months ended September 30, 2010, respectively, that were not included in the computation of diluted earnings per common share because their effect would be anti-dilutive.