Earnings Per Common Share

12 Months Ended

Dec. 31, 2013

Earnings Per Common Share

Earnings Per Common Share

(12) Earnings Per Common Share

The following table is a reconciliation of basic and diluted EPS.

	For the Year Ended December 31,
(In Thousands, Except Share Data)	2013		2012		2011
Net income	$66,593		$53,091		$67,209
Preferred stock dividends	(7,214	)	-		-
Net income available to common shareholders	59,379		53,091		67,209
Income allocated to participating securities	(720	)	(463	)	(1,685	)
Net income allocated to common shareholders	$58,659		$52,628		$65,524
Basic weighted average common shares outstanding	97,121,497		95,455,344		93,253,928
Dilutive effect of stock options and restricted stock units (1) (2)	-		-		-
Diluted weighted average common shares outstanding	97,121,497		95,455,344		93,253,928
Basic EPS	$0.60		$0.55		$0.70
Diluted EPS	$0.60		$0.55		$0.70

(1) Excludes options to purchase 2,096,708 shares of common stock which were outstanding during the year ended December 31, 2013; options to purchase 5,495,748 shares of common stock which were outstanding during the year ended December 31, 2012; and options to purchase 6,846,339 shares of common stock which were outstanding during the year ended December 31, 2011 because their inclusion would be anti-dilutive.

(2) Unvested restricted stock units outstanding during the year ended December 31, 2013 are excluded from the calculations because performance conditions have not been satisfied.  There were no unvested restricted stock units outstanding during the years ended December 31, 2012 and 2011.