Earnings Per Common Share

3 Months Ended

Mar. 31, 2016

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)		2016						2015
Net income		$	18,565					$	19,307
Preferred stock dividends		(2,194				)		(2,194				)
Net income available to common shareholders		16,371						17,113
Income allocated to participating securities		(135				)		(114				)
Net income allocated to common shareholders		$	16,236					$	16,999
Basic weighted average common shares outstanding	100,368,931						99,252,031
Dilutive effect of stock options and restricted stock units (1) (2)	—						—
Diluted weighted average common shares outstanding	100,368,931						99,252,031
Basic EPS				$	0.16					$	0.17
Diluted EPS				$	0.16					$	0.17

(1) Excludes options to purchase 6,989 shares of common stock which were outstanding during the three months ended March 31, 2016 and options to purchase 20,667 shares of common stock which were outstanding during the three months ended March 31, 2015 because their inclusion would be anti-dilutive.

(2) Excludes 747,132 unvested restricted stock units which were outstanding during the three months ended March 31, 2016 and 762,038 unvested restricted stock units which were outstanding during the three months ended March 31, 2015 because the performance conditions have not been satisfied.