EARNINGS PER COMMON SHARE

Net income (loss) allocated to common stockholders is computed by subtracting income allocated to participating securities, participating securities dividends and preferred stock dividends from net income. Participating securities are instruments granted in share-based payment transactions that contain rights to receive nonforfeitable dividends or dividend equivalents, which includes the SARs to the extent they confer dividend equivalent rights, as described under “Stock Appreciation Rights” in Note 14. Basic earnings (loss) per common share (EPS) is computed by dividing net income allocated to common stockholders by the weighted average number of shares outstanding, including the minimum number of shares issuable under purchase contracts relating to the tangible equity units. Diluted EPS is computed by dividing net income (loss) allocated to common stockholders by the weighted average number of shares outstanding, adjusted for the dilutive effect of the restricted stock units, the potentially issuable shares in excess of the minimum under purchase contracts relating to the tangible equity units, outstanding stock options, and warrants to purchase common stock. Computations for basic and diluted EPS are provided below.



	Three Months Ended March 31,
	2015									2014
	Common Stock			Class B Common Stock			Total			Common Stock			Class B Common Stock			Total
	($ in thousands, except per share data)
Basic:
Net income	$	12,560		$	14		$	12,574		$	727		$	22		$	749
Less: income allocated to participating securities	(272		)	—			(272		)	—			—			—
Less: participating securities dividends	(173		)	—			(173		)	—			—			—
Less: preferred stock dividends	(909		)	(1		)	(910		)	(883		)	(27		)	(910		)
Net income (loss) allocated to common stockholders	$	11,206		$	13		$	11,219		$	(156	)	$	(5	)	$	(161	)
Weighted average common shares outstanding	37,831,035			42,218			37,873,253			19,609,017			590,008			20,199,025
Basic earnings (loss) per common share	$	0.30		$	0.30		$	0.30		$	(0.01	)	$	(0.01	)	$	(0.01	)
Diluted:
Net income (loss) allocated to common stockholders	$	11,206		$	13		$	11,219		$	(156	)	$	(5	)	$	(161	)
Additional income allocation for class B dilutive shares	(85		)	85			—			—			—			—
Adjusted net income (loss) allocated to common stockholders	$	11,121		$	98		$	11,219		$	(156	)	$	(5	)	$	(161	)
Weighted average common shares outstanding for basic earnings per common share	37,831,035			42,218			37,873,253			19,609,017			590,008			20,199,025
Add: Dilutive effects of restricted stock units	146,876			—			146,876			—			—			—
Add: Dilutive effects of purchase contracts	—			—			—			—			—			—
Add: Dilutive effects of stock options	626			—			626			—			—			—
Add: Dilutive effects of warrants	—			283,911			283,911			—			—			—
Average shares and dilutive common shares	37,978,537			326,129			38,304,666			19,609,017			590,008			20,199,025
Diluted earnings (loss) per common share	$	0.29		$	0.30		$	0.29		$	(0.01	)	$	(0.01	)	$	(0.01	)

For the three months ended March 31, 2015, there were 797,514 stock options for common stock that were not considered in computing diluted earnings per common share, because they were anti-dilutive. For the three months ended March 31, 2014, there were 1,493,505 stock options and 1,635,000 warrants for common stock that were not considered in computing diluted earnings per common share, because they were anti-dilutive.