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Earnings Per Common Share
 6 Months Ended
Jun. 30, 2014
Earnings Per Common Share  
Earnings Per Common Share

5.     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)

 

2014

 

2013

 

2014

 

2013

 

Net income

 

$

22,300

 

 

$

15,665

 

 

$

53,849

 

 

$

29,517

 

 

Preferred stock dividends

 

(2,194

)

 

(2,827

)

 

(4,388

)

 

(2,827

)

 

Net income available to common shareholders

 

20,106

 

 

12,838

 

 

49,461

 

 

26,690

 

 

Income allocated to participating securities

 

(232

)

 

(154

)

 

(552

)

 

(314

)

 

Net income allocated to common shareholders

 

$

19,874

 

 

$

12,684

 

 

$

48,909

 

 

$

26,376

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average common shares outstanding

 

98,275,886

 

 

97,021,334

 

 

98,191,434

 

 

96,848,989

 

 

Dilutive effect of stock options and restricted stock units (1) (2)

 

—

 

 

—

 

 

—

 

 

—

 

 

Diluted weighted average common shares outstanding

 

98,275,886

 

 

97,021,334

 

 

98,191,434

 

 

96,848,989

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic EPS

 

$

0.20

 

 

$

0.13

 

 

$

0.50

 

 

$

0.27

 

 

Diluted EPS

 

$

0.20

 

 

$

0.13

 

 

$

0.50

 

 

$

0.27

 

 

 

(1)     Excludes options to purchase 1,011,219 shares of common stock which were outstanding during the three months ended June 30, 2014; options to purchase 1,949,670 shares of common stock which were outstanding during the three months ended June 30, 2013; options to purchase 1,030,651 shares of common stock which were outstanding during the six months ended June 30, 2014; and options to purchase 2,387,763 shares of common stock which were outstanding during the six months ended June 30, 2013 because their inclusion would be anti-dilutive.

(2)     Excludes 803,318 unvested restricted stock units which were outstanding during the three months ended June 30, 2014; 421,752 unvested restricted stock units which were outstanding during the three months ended June 30, 2013; 731,973 unvested restricted stock units which were outstanding during the six months ended June 30, 2014; and 361,152 unvested restricted stock units which were outstanding during the six months ended June 30, 2013 because the performance conditions have not been satisfied.