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Earnings Per Common Share
 6 Months Ended
Jun. 30, 2013
Earnings Per Common Share  
Earnings Per Common Share

7.     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
June 30,

 

For the Six Months Ended
June 30,

(In Thousands, Except Share Data)

 

2013

 

2012

 

2013

 

2012

 

Net income

 

$

15,665

 

$

12,824

 

$

29,517

 

$

22,820

 

Preferred stock dividends

 

(2,827

)

—

 

(2,827

)

—

 

Net income available to common shareholders

 

12,838

 

12,824

 

26,690

 

22,820

 

Income allocated to participating securities

 

(154

)

(187

)

(314

)

(102

)

Net income allocated to common shareholders

 

$

12,684

 

$

12,637

 

$

26,376

 

$

22,718

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average common shares outstanding

 

97,021,334

 

95,332,904

 

96,848,989

 

95,175,886

 

Dilutive effect of stock options (1)

 

—

 

—

 

—

 

—

 

Diluted weighted average common shares outstanding

 

97,021,334

 

95,332,904

 

96,848,989

 

95,175,886

 

 

 

 

 

 

 

 

 

 

 

Basic EPS

 

$

0.13

 

$

0.13

 

$

0.27

 

$

0.24

 

Diluted EPS

 

$

0.13

 

$

0.13

 

$

0.27

 

$

0.24

 

 

(1)

Excludes options to purchase 1,949,670 shares of common stock which were outstanding during the three months ended June 30, 2013; options to purchase 5,750,485 shares of common stock which were outstanding during the three months ended June 30, 2012; options to purchase 2,387,763 shares of common stock which were outstanding during the six months ended June 30, 2013; and options to purchase 5,786,354 shares of common stock which were outstanding during the six months ended June 30, 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 and six months ended June 30, 2013.  There were no unvested restricted stock units outstanding during the three and six months ended June 30, 2012.  See Note 10 for additional information about the restricted stock units granted in 2013.