Earnings Per Common Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings Per Common Share

The following table is a reconciliation of basic and diluted earnings per common share, or EPS.

	For the Three Months Ended March 31,
(In Thousands, Except Share Data)	2015						2014
Net income		$	19,307					$	31,549
Preferred stock dividends		(2,194				)		(2,194				)
Net income available to common shareholders		17,113						29,355
Income allocated to participating securities		(114				)		(312				)
Net income allocated to common shareholders		$	16,999					$	29,043
Basic weighted average common shares outstanding	99,252,031						98,106,045
Dilutive effect of stock options and restricted stock units (1) (2)	—						—
Diluted weighted average common shares outstanding	99,252,031						98,106,045
Basic EPS				$	0.17					$	0.30
Diluted EPS				$	0.17					$	0.30

(1) Excludes options to purchase 20,667 shares of common stock which were outstanding during the three months ended March 31, 2015 and options to purchase 1,050,083 shares of common stock which were outstanding during the three months ended March 31, 2014 because their inclusion would be anti-dilutive.

(2) Excludes 762,038 unvested restricted stock units which were outstanding during the three months ended March 31, 2015 and 659,837 unvested restricted stock units which were outstanding during the three months ended March 31, 2014 because the performance conditions have not been satisfied.