EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2012

Net Income Available To Common Per Share

EARNINGS PER SHARE

NOTE 18 - EARNINGS PER SHARE

The computation of basic EPS is computed by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding during the relevant period.  Diluted EPS is computed using the treasury stock method, which is net income available to common stockholders divided by the total weighted-average number of common outstanding shares plus the effect of dilutive common equivalent shares during the respective period.  Dilutive common shares reflect the assumed issuance of additional common shares pursuant to certain of our share-based compensation plans, including stock options, restricted stock and performance restricted stock units.

The following tables set forth the computation of basic and diluted earnings per share:

	Year Ended December 31,
	2012		2011			2010
	(in thousands, except per share amounts)
Numerator:
Net income	$	120,698	$	52,606		$	58,436
Preferred stock dividends		-		(1,691	)		(9,086	)
Preferred stock redemption		-		(3,456	)		-
Numerator for net income available to common per share - basic and diluted	$	120,698	$	47,459		$	49,350
Denominator:
Denominator for basic earnings per share		107,591		102,119			94,056
Effect of dilutive securities:
Restricted stock		401		45			171
Stock option incremental shares		-		-			3
Deferred stock		19		13			7
Denominator for diluted earnings per share		108,011		102,177			94,237

Earnings per share - basic:
Net income - basic	$	1.12	$	0.46	$	0.52
Earnings per share - diluted:
Net income - diluted	$	1.12	$	0.46	$	0.52