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EARNINGS PER COMMON SHARE | 6 Months Ended
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Jun. 30, 2016
Earnings Per Share [Abstract] |
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE Computations of 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, 2016 |  |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 26,471 |  |  | $ | 57 |  |  | $ | 26,528 |  |  | $ | 46,134 |  |  | $ | 81 |  |  | $ | 46,215 |
Less: income allocated to participating securities | (482 | ) |  | (1 | ) |  | (483 | ) |  | (851 | ) |  | (1 | ) |  | (852 | )
Less: participating securities dividends | (186 | ) |  | — |  |  | (186 | ) |  | (371 | ) |  | (1 | ) |  | (372 | )
Less: preferred stock dividends | (5,103 | ) |  | (11 | ) |  | (5,114 | ) |  | (9,672 | ) |  | (17 | ) |  | (9,689 | )
Net income allocated to common stockholders | $ | 20,700 |  |  | $ | 45 |  |  | $ | 20,745 |  |  | $ | 35,240 |  |  | $ | 62 |  |  | $ | 35,302 |
Weighted average common shares outstanding | 47,324,887 |  |  | 101,954 |  |  | 47,426,841 |  |  | 43,618,536 |  |  | 76,147 |  |  | 43,694,683 |
Basic earnings per common share: | $ | 0.44 |  |  | $ | 0.44 |  |  | $ | 0.44 |  |  | $ | 0.81 |  |  | $ | 0.81 |  |  | $ | 0.81 |
Diluted: |  |  |  |  |  |  |  |  |  |  |
Net income allocated to common stockholders | $ | 20,700 |  |  | $ | 45 |  |  | $ | 20,745 |  |  | $ | 35,240 |  |  | $ | 62 |  |  | $ | 35,302 |
Additional income allocation for class B dilutive shares | (247 | ) |  | 247 |  |  | — |  |  | (407 | ) |  | 407 |  |  | — |
Adjusted net income allocated to common stockholders | $ | 20,453 |  |  | $ | 292 |  |  | $ | 20,745 |  |  | $ | 34,833 |  |  | $ | 469 |  |  | $ | 35,302 |
Weighted average common shares outstanding | 47,324,887 |  |  | 101,954 |  |  | 47,426,841 |  |  | 43,618,536 |  |  | 76,147 |  |  | 43,694,683 |
Add: Dilutive effects of restricted stock units | 258,521 |  |  | — |  |  | 258,521 |  |  | 198,582 |  |  | — |  |  | 198,582 |
Add: Dilutive effects of purchase contracts | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Add: Dilutive effects of stock options | 308,405 |  |  | — |  |  | 308,405 |  |  | 217,480 |  |  | — |  |  | 217,480 |
Add: Dilutive effects of warrants | — |  |  | 560,667 |  |  | 560,667 |  |  | — |  |  | 503,304 |  |  | 503,304 |
Average shares and dilutive common shares | 47,891,813 |  |  | 662,621 |  |  | 48,554,434 |  |  | 44,034,598 |  |  | 579,451 |  |  | 44,614,049 |
Diluted earnings per common share | $ | 0.43 |  |  | $ | 0.44 |  |  | $ | 0.43 |  |  | $ | 0.79 |  |  | $ | 0.81 |  |  | $ | 0.79 |
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 | 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 |
For the three and six months ended June 30, 2016, there were 0 and 240,000 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, 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.

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