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STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE (Tables) | 9 Months Ended
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Sep. 30, 2015
STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE |
Earnings per share calculations | The following table presents EPS calculations for the three and nine months ended September 30, 2015 and 2014:
|  | Three months ended September 30, |  | Nine months ended September 30,
($ in thousands, except per share data, shares in thousands) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Basic |  |  |  |  |  |  |  |
Net income (1) |  | $ | 94,097 |  |  | $ | 91,900 |  |  | $ | 292,872 |  |  | $ | 250,376 |
Less: Earnings allocated to participating securities |  | — |  |  | 122 |  |  | 3 |  |  | 408 |
Net income allocated to common stockholders (1) |  | $ | 94,097 |  |  | $ | 91,778 |  |  | $ | 292,869 |  |  | $ | 249,968 |
Basic weighted-average common shares outstanding |  | 143,861 |  |  | 143,210 |  |  | 143,788 |  |  | 142,791 |
Basic EPS |  | $ | 0.65 |  |  | $ | 0.64 |  |  | $ | 2.04 |  |  | $ | 1.75 |
Diluted |  |  |  |  |  |  |  |
Net income allocated to common stockholders (1) |  | $ | 94,097 |  |  | $ | 91,778 |  |  | $ | 292,869 |  |  | $ | 249,968 |
Add: Restricted stock dividends |  | 113 |  |  | 69 |  |  | 309 |  |  | 197 |
Net income allocated to diluted common stockholders (1) |  | $ | 94,210 |  |  | $ | 91,847 |  |  | $ | 293,178 |  |  | $ | 250,165 |
Basic weighted-average common shares outstanding |  | 143,861 |  |  | 143,210 |  |  | 143,788 |  |  | 142,791 |
Dilutive potential common shares (2) |  | 729 |  |  | 600 |  |  | 680 |  |  | 586 |
Dilutive weighted-average common shares outstanding |  | 144,590 |  |  | 143,810 |  |  | 144,468 |  |  | 143,377 |
Diluted EPS |  | $ | 0.65 |  |  | $ | 0.64 |  |  | $ | 2.03 |  |  | $ | 1.74 |
(1) Prior year periods were restated to reflect the retrospective application of adopting the new accounting guidance related to the Company’s investments in qualified affordable housing projects ASU 2014-01. See Note 10 — Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net to the Consolidated Financial Statements for additional information. (2) Included dilutive shares from stock options, restricted stock units and warrants for the three and nine months ended September 30, 2015 and 2014.
Schedule of accumulated other comprehensive income (loss) balances | Presented in the following tables are the changes in the components of accumulated other comprehensive income (loss) balances for the three and nine months ended September 30, 2015 and 2014:
|  | Three Months Ended September 30,
|  | 2015 |  | 2014
($ in thousands) |  | Available-for-Sale Investment Securities |  | Foreign Currency Translation Adjustments (1) |  | Accumulated Other Comprehensive Income |  | Available-for-Sale Investment Securities |  | Accumulated Other Comprehensive (Loss) Income
Beginning balance |  | $ | 5,430 |  |  | $ | — |  |  | $ | 5,430 |  |  | $ | (2,535 | ) |  | $ | (2,535 | )
Net unrealized gains (losses) arising during the period |  | 13,127 |  |  | (6,846 | ) |  | 6,281 |  |  | 1,565 |  |  | 1,565 |
Amounts reclassified from accumulated other comprehensive income |  | (9,881 | ) |  | — |  |  | (9,881 | ) |  | (1,458 | ) |  | (1,458 | )
Changes, net of taxes |  | 3,246 |  |  | (6,846 | ) |  | (3,600 | ) |  | 107 |  |  | 107 |
Ending balance |  | $ | 8,676 |  |  | $ | (6,846 | ) |  | $ | 1,830 |  |  | $ | (2,428 | ) |  | $ | (2,428 | )
|  | Nine Months Ended September 30,
|  | 2015 |  | 2014
($ in thousands) |  | Available-for-Sale Investment Securities |  | Foreign Currency Translation Adjustments (1) |  | Accumulated Other Comprehensive Income |  | Available-for-Sale Investment Securities |  | Accumulated Other Comprehensive (Loss) Income
Beginning balance |  | $ | 4,237 |  |  | $ | — |  |  | $ | 4,237 |  |  | $ | (30,459 | ) |  | $ | (30,459 | )
Net unrealized gains (losses) arising during the period |  | 20,096 |  |  | (6,846 | ) |  | 13,250 |  |  | 31,861 |  |  | 31,861 |
Amounts reclassified from accumulated other comprehensive income |  | (15,657 | ) |  | — |  |  | (15,657 | ) |  | (3,830 | ) |  | (3,830 | )
Changes, net of taxes |  | 4,439 |  |  | (6,846 | ) |  | (2,407 | ) |  | 28,031 |  |  | 28,031 |
Ending balance |  | $ | 8,676 |  |  | $ | (6,846 | ) |  | $ | 1,830 |  |  | $ | (2,428 | ) |  | $ | (2,428 | )
(1) Represents foreign currency translation adjustments related to the Company’s net investment in non-U.S. operations. In the third quarter of 2015, there was a change in functional currency from USD to the local currency of the Company’s foreign subsidiary.
Schedule of components of other comprehensive income (loss), reclassifications to net income by income statement line item and the related tax effects | The following tables present the components of other comprehensive income (OCI), reclassifications to net income by income statement line item, and the related tax effects for the three and nine months ended September 30, 2015 and 2014:
|  | Three Months Ended September 30,
|  | 2015 |  | 2014
($ in thousands) |  | Before-Tax Amount |  | Tax (Expense) Benefit |  | Net-of-Tax Amount |  | Before-Tax Amount |  | Tax (Expense) Benefit |  | Net-of-Tax Amount
Available-for-sale investment securities : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains arising during the period |  | $ | 22,634 |  |  | $ | (9,507 | ) |  | $ | 13,127 |  |  | $ | 2,698 |  |  | $ | (1,133 | ) |  | $ | 1,565 |
Reclassification adjustment for realized gains included in net income (1) |  | (17,036 | ) |  | 7,155 |  |  | (9,881 | ) |  | (2,514 | ) |  | 1,056 |  |  | (1,458 | )
Net change |  | 5,598 |  |  | (2,352 | ) |  | 3,246 |  |  | 184 |  |  | (77 | ) |  | 107 |
Foreign currency translation adjustments : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized losses arising during the period |  | (6,846 | ) |  | — |  |  | (6,846 | ) |  | — |  |  | — |  |  | — |
Net change |  | (6,846 | ) |  | — |  |  | (6,846 | ) |  | — |  |  | — |  |  | — |
Other comprehensive (loss) income |  | $ | (1,248 | ) |  | $ | (2,352 | ) |  | $ | (3,600 | ) |  | $ | 184 |  |  | $ | (77 | ) |  | $ | 107 |
|  | Nine Months Ended September 30,
|  | 2015 |  | 2014
($ in thousands) |  | Before-Tax Amount |  | Tax (Expense) Benefit |  | Net-of-Tax Amount |  | Before-Tax Amount |  | Tax (Expense) Benefit |  | Net-of-Tax Amount
Available-for-sale investment securities : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains arising during the period |  | $ | 34,648 |  |  | $ | (14,552 | ) |  | $ | 20,096 |  |  | $ | 54,933 |  |  | $ | (23,072 | ) |  | $ | 31,861 |
Reclassification adjustment for realized gains included in net income (1) |  | (26,994 | ) |  | 11,337 |  |  | (15,657 | ) |  | (6,603 | ) |  | 2,773 |  |  | (3,830 | )
Net change |  | 7,654 |  |  | (3,215 | ) |  | 4,439 |  |  | 48,330 |  |  | (20,299 | ) |  | 28,031 |
Foreign currency translation adjustments : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized losses arising during the period |  | (6,846 | ) |  | — |  |  | (6,846 | ) |  | — |  |  | — |  |  | — |
Net change |  | (6,846 | ) |  | — |  |  | (6,846 | ) |  | — |  |  | — |  |  | — |
Other comprehensive (loss) income |  | $ | 808 |  |  | $ | (3,215 | ) |  | $ | (2,407 | ) |  | $ | 48,330 |  |  | $ | (20,299 | ) |  | $ | 28,031 |
(1) | The pretax amount is reported in net gains on sales of available-for-sale investment securities in the Consolidated Statements of Income

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