Earnings Per Common Share

3 Months Ended

Mar. 31, 2013

Earnings Per Common Share

Earnings Per Common Share

6.     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)	2013		2012
Net income	$  13,852		$  9,996
Income allocated to participating securities	(158	)	—
Income attributable to common shareholders	$ 13,694		$ 9,996
Average number of common shares outstanding — basic	96,674,729		95,018,867
Dilutive effect of stock options (1)	—		—
Average number of common shares outstanding — diluted	96,674,729		95,018,867
Income per common share attributable to common shareholders:
Basic	$ 0.14		$ 0.11
Diluted	$ 0.14		$ 0.11

(1) Excludes options to purchase 2,825,855 shares of common stock which were outstanding during the three months ended March 31, 2013 and options to purchase 5,822,224 shares of common stock which were outstanding during the three months ended March 31, 2012 because their inclusion would be anti-dilutive.

For EPS computations, unvested shares of restricted common stock represent participating securities, whereas unvested restricted stock units are treated as potential common shares with the dilutive effect calculated using the treasury stock method.  However, the units are excluded from the denominator for both the basic and diluted EPS computations until the performance conditions are satisfied.  As a result, unvested restricted stock units were excluded from the EPS computation for the three months ended March 31, 2013.  There were no unvested restricted stock units outstanding during the three months ended March 31, 2012.  See Note 9 for additional information about the restricted stock units granted in 2013.