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EARNINGS PER COMMON SHARE | 6 Months Ended
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Jun. 30, 2015
Earnings Per Share [Abstract] |
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE Net income 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 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 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 |  | Six Months Ended
| Common Stock |  | Class B Common Stock |  | Total |  | Common Stock |  | Class B Common Stock |  | Total
| ($ in thousands, except per share data)
June 30, 2015 |  |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 15,923 |  |  | $ | 1 |  |  | $ | 15,924 |  |  | $ | 28,482 |  |  | $ | 16 |  |  | $ | 28,498 |
Less: income allocated to participating securities | (308 | ) |  | — |  |  | (308 | ) |  | (580 | ) |  | — |  |  | (580 | )
Less: participating securities dividends | (173 | ) |  | — |  |  | (173 | ) |  | (346 | ) |  | — |  |  | (346 | )
Less: preferred stock dividends | (2,843 | ) |  | — |  |  | (2,843 | ) |  | (3,751 | ) |  | (2 | ) |  | (3,753 | )
Net income allocated to common stockholders | $ | 12,599 |  |  | $ | 1 |  |  | $ | 12,600 |  |  | $ | 23,805 |  |  | $ | 14 |  |  | $ | 23,819 |
Weighted average common shares outstanding | 38,519,816 |  |  | 11 |  |  | 38,519,827 |  |  | 38,127,368 |  |  | 20,998 |  |  | 38,148,366 |
Basic earnings per common share | $ | 0.33 |  |  | $ | 0.33 |  |  | $ | 0.33 |  |  | $ | 0.62 |  |  | $ | 0.62 |  |  | $ | 0.62 |
Diluted: |  |  |  |  |  |  |  |  |  |  |
Net income allocated to common stockholders | $ | 12,599 |  |  | $ | 1 |  |  | $ | 12,600 |  |  | $ | 23,805 |  |  | $ | 14 |  |  | $ | 23,819 |
Additional income allocation for class B dilutive shares | (162 | ) |  | 162 |  |  | — |  |  | (250 | ) |  | 250 |  |  | — |
Adjusted net income allocated to common stockholders | $ | 12,437 |  |  | $ | 163 |  |  | $ | 12,600 |  |  | $ | 23,555 |  |  | $ | 264 |  |  | $ | 23,819 |
Weighted average common shares outstanding for basic earnings per common share | 38,519,816 |  |  | 11 |  |  | 38,519,827 |  |  | 38,127,368 |  |  | 20,998 |  |  | 38,148,366 |
Add: Dilutive effects of restricted stock units | 138,196 |  |  | — |  |  | 138,196 |  |  | 142,381 |  |  | — |  |  | 142,381 |
Add: Dilutive effects of purchase contracts | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Add: Dilutive effects of stock options | 42,533 |  |  | — |  |  | 42,533 |  |  | 12,179 |  |  | — |  |  | 12,179 |
Add: Dilutive effects of warrants | — |  |  | 494,622 |  |  | 494,622 |  |  | — |  |  | 404,369 |  |  | 404,369 |
Average shares and dilutive common shares | 38,700,545 |  |  | 494,633 |  |  | 39,195,178 |  |  | 38,281,928 |  |  | 425,367 |  |  | 38,707,295 |
Diluted earnings per common share | $ | 0.32 |  |  | $ | 0.33 |  |  | $ | 0.32 |  |  | $ | 0.62 |  |  | $ | 0.62 |  |  | $ | 0.62 |
June 30, 2014 |  |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 7,912 |  |  | $ | 187 |  |  | $ | 8,099 |  |  | $ | 8,620 |  |  | $ | 228 |  |  | $ | 8,848 |
Less: income allocated to participating securities | (156 | ) |  | (4 | ) |  | (160 | ) |  | (66 | ) |  | (2 | ) |  | (68 | )
Less: participating securities dividends | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Less: preferred stock dividends | (889 | ) |  | (21 | ) |  | (910 | ) |  | (1,773 | ) |  | (47 | ) |  | (1,820 | )
Net income allocated to common stockholders | $ | 6,867 |  |  | $ | 162 |  |  | $ | 7,029 |  |  | $ | 6,781 |  |  | $ | 179 |  |  | $ | 6,960 |
Weighted average common shares outstanding | 25,239,390 |  |  | 596,018 |  |  | 25,835,408 |  |  | 22,439,267 |  |  | 593,030 |  |  | 23,032,297 |
Basic earnings per common share | $ | 0.27 |  |  | $ | 0.27 |  |  | $ | 0.27 |  |  | $ | 0.30 |  |  | $ | 0.30 |  |  | $ | 0.30 |
Diluted: |  |  |  |  |  |  |  |  |  |  |
Net income allocated to common stockholders | $ | 6,867 |  |  | $ | 162 |  |  | $ | 7,029 |  |  | $ | 6,781 |  |  | $ | 179 |  |  | $ | 6,960 |
Weighted average common shares outstanding for basic earnings per common share | 25,239,390 |  |  | 596,018 |  |  | 25,835,408 |  |  | 22,439,267 |  |  | 593,030 |  |  | 23,032,297 |
Add: Dilutive effects of restricted stock units | 38,741 |  |  | — |  |  | 38,741 |  |  | 22,110 |  |  | — |  |  | 22,110 |
Add: Dilutive effects of purchase contracts | 55,370 |  |  | — |  |  | 55,370 |  |  | 27,838 |  |  | — |  |  | 27,838 |
Add: Dilutive effects of stock options | 568 |  |  | — |  |  | 568 |  |  | 13,268 |  |  | — |  |  | 13,268 |
Add: Dilutive effects of warrants | — |  |  | 58,478 |  |  | 58,478 |  |  | — |  |  | 158,205 |  |  | 158,205 |
Average shares and dilutive common shares | 25,334,069 |  |  | 654,496 |  |  | 25,988,565 |  |  | 22,502,483 |  |  | 751,235 |  |  | 23,253,718 |
Diluted earnings per common share | $ | 0.27 |  |  | $ | 0.25 |  |  | $ | 0.27 |  |  | $ | 0.30 |  |  | $ | 0.24 |  |  | $ | 0.30 |
For the three and six months ended June 30, 2015, there were 324,500 and 627,514 stock options, respectively, for common stock that were not considered in computing diluted earnings per common share, because they were anti-dilutive. For the three and six months ended June 30, 2014, there were 683,054 and 558,054 stock options, respectively, for common stock that were not considered in computing diluted earnings per common share, because they were anti-dilutive.

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