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STOCKHOLDERS' EQUITY (Tables) | 6 Months Ended
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Jun. 30, 2012
STOCKHOLDERS' EQUITY |
Earnings per share calculations |
|  | Three Months Ended June 30, 2012
|  | Net Income |  | Number of Shares |  | Per Share Amounts |
|  | (In thousands, except per share data) |
Net income |  | $ | 70,557 |  |  |  |  |
Less: |  |  |  |  |  |  |
Preferred stock dividends |  | (1,714 | ) |  |  |  |
Earnings allocated to participating securities |  | (859 | ) |  |  |  |
Basic EPS – income allocated to common stockholders (1) |  | $ | 67,984 |  | 142,107 |  | $ | 0.48 |
Effect of dilutive securities: |  |  |  |  |  |  |
Stock options |  | — |  | 36 |  |  |
Restricted stock units |  | 7 |  | 72 |  |  |
Convertible preferred stock |  | 1,714 |  | 5,571 |  |  |
Diluted EPS – income allocated to common stockholders (1) |  | $ | 69,705 |  | 147,786 |  | $ | 0.47 |
|  | Three Months Ended June 30, 2011
|  | Net Income |  | Number of Shares |  | Per Share Amounts |
|  | (In thousands, except per share data) |
Net income |  | $ | 60,525 |  |  |  |  |
Less: |  |  |  |  |  |  |
Preferred stock dividends |  | (1,714 | ) |  |  |  |
Basic EPS – income available to common stockholders |  | $ | 58,811 |  | 147,011 |  | $ | 0.40 |
Effect of dilutive securities: |  |  |  |  |  |  |
Stock options |  | — |  | 73 |  |  |
Restricted stock awards |  | 35 |  | 692 |  |  |
Convertible preferred stock |  | 1,714 |  | 5,571 |  |  |
Diluted EPS – income available to common stockholders |  | $ | 60,560 |  | 153,347 |  | $ | 0.39 |
|  | Six Months Ended June 30, 2012
|  | Net Income |  | Number of Shares |  | Per Share Amounts |
|  | (In thousands, except per share data) |
Net income |  | $ | 138,640 |  |  |  |  |
Less: |  |  |  |  |  |  |
Preferred stock dividends |  | (3,428 | ) |  |  |  |
Earnings allocated to participating securities |  | (1,718 | ) |  |  |  |
Basic EPS – income allocated to common stockholders (1) |  | $ | 133,494 |  | 143,727 |  | $ | 0.93 |
Effect of dilutive securities: |  |  |  |  |  |  |
Stock options |  | — |  | 41 |  |  |
Restricted stock units |  | 15 |  | 75 |  |  |
Convertible preferred stock |  | 3,428 |  | 5,571 |  |  |
Diluted EPS – income allocated to common stockholders (1) |  | $ | 136,937 |  | 149,414 |  | $ | 0.92 |
|  | Six Months Ended June 30, 2011
|  | Net Income |  | Number of Shares |  | Per Share Amounts |
|  | (In thousands, except per share data) |
Net income |  | $ | 116,596 |  |  |  |  |
Less: |  |  |  |  |  |  |
Preferred stock dividends |  | (3,429 | ) |  |  |  |
Basic EPS – income available to common stockholders |  | $ | 113,167 |  | 146,937 |  | $ | 0.77 |
Effect of dilutive securities: |  |  |  |  |  |  |
Stock options |  | — |  | 96 |  |  |
Restricted stock awards |  | 41 |  | 685 |  |  |
Convertible preferred stock |  | 3,429 |  | 5,571 |  |  |
Stock warrants |  | — |  | 60 |  |  |
Diluted EPS – income available to common stockholders |  | $ | 116,637 |  | 153,349 |  | $ | 0.76 |
Shares excluded from the calculation of diluted EPS |
|  | Three Months Ended |  | Six Months Ended |
|  | June 30, |  | June 30, |
|  | 2012 |  | 2011 |  | 2012 |  | 2011 |
|  | (In thousands) |
Stock options |  | 334 |  | 864 |  | 365 |  | 861 |
Restricted stock awards |  | 1 | (1) | 395 |  | 2 | (1) | 257 |
(1) On April 1, 2012, the Company revised its calculation of earnings per share to account for participating securities under the two-class method. This revision to the earnings per share calculation does not have an impact to previous periods as the amounts are immaterial.
Accumulated other comprehensive income (loss), net of tax |
|  | Unrealized gain (loss) on |  |  |  |  |
|  | investment securities |  | Foreign currency |  |  |
|  | available-for-sale |  | translation adjustments |  | Total |
|  |  |  | (In thousands) |  |  |
Balance, December 31, 2010 |  | $ | (13,927) |  | $ | 1,513 |  | $ | (12,414) |
Period Change |  | 17,509 |  | (665) |  | 16,844 |
Balance, June 30, 2011 |  | $ | 3,582 |  | $ | 848 |  | $ | 4,430 |
Balance, December 31, 2011 |  | $ | (34,848) |  | $ | 908 |  | $ | (33,940) |
Period Change |  | 18,013 |  | 4 |  | 18,017 |
Balance, June 30, 2012 |  | $ | (16,835) |  | $ | 912 |  | $ | (15,923)
Schedule of tax effect allocated to component of other comprehensive income |
|  |  |  | Tax |  |  |
|  | Before-Tax |  | (Expense) |  | Net-of-Tax |
|  | Amount |  | or Benefit |  | Amount |
|  |  |  | (In thousands) |  |  |
Three Months Ended June 30, 2012 |  |  |  |  |  |  |
Unrealized gain on investment securities available-for-sale: |  |  |  |  |  |  |
Unrealized gains on holding gains arising during period |  | $ | 1,728 |  | $ | (726) |  | $ | 1,002 |
Less: reclassification adjustment for gains included in income |  | (71) |  | 30 |  | (41) |
Net unrealized gains |  | 1,657 |  | (696) |  | 961 |
Noncredit-related impairment loss on securities |  | — |  | — |  | — |
Foreign currency translation adjustments |  | (10) |  | 4 |  | (6) |
Other comprehensive income |  | $ | 1,647 |  | $ | (692) |  | $ | 955 |
|  |  |  | Tax |  |  |
|  | Before-Tax |  | (Expense) |  | Net-of-Tax |
|  | Amount |  | or Benefit |  | Amount |
|  |  |  | (In thousands) |  |  |
Three Months Ended June 30, 2011 |  |  |  |  |  |  |
Unrealized gain on investment securities available-for-sale: |  |  |  |  |  |  |
Unrealized gains on holding gains arising during period |  | $ | 26,148 |  | $ | (10,982) |  | $ | 15,166 |
Less: reclassification adjustment for gains included in income |  | (1,117) |  | 469 |  | (648) |
Net unrealized gains |  | 25,031 |  | (10,513) |  | 14,518 |
Noncredit-related impairment loss on securities |  | — |  | — |  | — |
Foreign currency translation adjustments |  | 116 |  | (49) |  | 67 |
Other comprehensive income |  | $ | 25,147 |  | $ | (10,562) |  | $ | 14,585 |
|  |  |  | Tax |  |  |
|  | Before-Tax |  | (Expense) |  | Net-of-Tax |
|  | Amount |  | or Benefit |  | Amount |
|  |  |  | (In thousands) |  |  |
Six Months Ended June 30, 2012 |  |  |  |  |  |  |
Unrealized gain on investment securities available-for-sale: |  |  |  |  |  |  |
Unrealized gains on holding gains arising during period |  | $ | 36,676 |  | $ | (15,404) |  | $ | 21,272 |
Less: reclassification adjustment for gains included in income |  | (554) |  | 233 |  | (321) |
Net unrealized gains |  | 36,122 |  | (15,171) |  | 20,951 |
Noncredit-related impairment loss on securities |  | (5,066) |  | 2,128 |  | (2,938) |
Foreign currency translation adjustments |  | 7 |  | (3) |  | 4 |
Other comprehensive income |  | $ | 31,063 |  | $ | (13,046) |  | $ | 18,017 |
|  |  |  | Tax |  |  |
|  | Before-Tax |  | (Expense) |  | Net-of-Tax |
|  | Amount |  | or Benefit |  | Amount |
|  |  |  | (In thousands) |  |  |
Six months ended June 30, 2011 |  |  |  |  |  |  |
Unrealized gain on investment securities available-for-sale: |  |  |  |  |  |  |
Unrealized gains on holding gains arising during period |  | $ | 38,911 |  | $ | (16,342) |  | $ | 22,569 |
Less: reclassification adjustment for gains included in income |  | (3,632) |  | 1,526 |  | (2,107) |
Net unrealized gains |  | 35,279 |  | (14,816) |  | 20,462 |
Noncredit-related impairment loss on securities |  | (5,091) |  | 2,138 |  | (2,953) |
Foreign currency translation adjustments |  | (1,147) |  | 482 |  | (665) |
Other comprehensive income |  | $ | 29,041 |  | $ | (12,196) |  | $ | 16,844 |

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