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Earnings Per Share
 6 Months Ended
Jun. 30, 2016
Earnings Per Share [Abstract]  
Earnings Per Share
EARNINGS PER SHARE
Share-based payment awards that entitle holders to receive non-forfeitable dividends before vesting are considered participating securities that are included in the calculation of earnings per share using the two-class method. The two-class method is an earnings allocation formula under which earnings per share is calculated for common stock and participating securities according to dividends declared and participating rights in undistributed earnings. Under this method, all earnings, distributed and undistributed, are allocated to common shares and participating securities based on their respective rights to receive dividends.
The following table presents the calculation of basic and diluted earnings per share for the periods indicated.
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In thousands, except per share data)
2016
 
2015
 
2016
 
2015
Earnings per common share - basic
 
 
 
 
 
 
 
Net income
$
50,810

 
$
30,836

 
$
93,579

 
$
55,962

Preferred stock dividends
(854
)
 
—

 
(3,430
)
 
—

Dividends and undistributed earnings allocated to unvested restricted shares
(540
)
 
(355
)
 
(1,003
)
 
(675
)
Earnings allocated to common shareholders - basic
$
49,416

 
$
30,481

 
$
89,146

 
$
55,287

Weighted average common shares outstanding
40,771

 
38,546

 
40,741

 
35,871

Earnings per common share - basic
$
1.21

 
$
0.79

 
$
2.19

 
$
1.54

Earnings per common share - diluted
 
 
 
 
 
 
 
Earnings allocated to common shareholders - basic
$
49,416

 
$
30,481

 
$
89,146

 
$
55,287

Dividends and undistributed earnings allocated to unvested restricted shares
(12
)
 
(9
)
 
(13
)
 
(31
)
Earnings allocated to common shareholders - diluted
$
49,404

 
$
30,472

 
$
89,133

 
$
55,256

Weighted average common shares outstanding
40,771

 
38,546

 
40,741

 
35,871

Dilutive potential common shares - stock options
137

 
121

 
86

 
103

Weighted average common shares outstanding - diluted
40,908

 
38,667

 
40,827

 
35,974

Earnings per common share - diluted
$
1.21

 
$
0.79

 
$
2.18

 
$
1.54


For the three months ended June 30, 2016, and 2015, the calculations for basic shares outstanding exclude the weighted average shares owned by the Recognition and Retention Plan (“RRP”) of 461,124, and 597,975, respectively. For the six months ended June 30, 2016, and 2015, basic shares outstanding exclude 468,273 and 601,698 shares owned by the RRP, respectively.
The effects from the assumed exercises of 262,853 and 8,926 stock options were not included in the computation of diluted earnings per share for the three months ended June 30, 2016, and 2015, respectively, because such amounts would have had an antidilutive effect on earnings per common share. For the six months ended June 30, 2016, and 2015, the effects from the assumed exercise of 482,272 and 79,793 stock options, respectively, were not included in the computation of diluted earnings per share because such amounts would have had an antidilutive effect on earnings per common share.