Earnings per Share

6 Months Ended

Jun. 30, 2015

9.Earnings per Share

The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2015		2014		2015		2014
Net income	$	17,928	$	18,273	$	35,480	$	35,277
Less net income allocated to participating securities:
Non-forfeitable dividends on participating securities		(126)		(117)		(249)		(220)
Total net income allocated to participating securities		(126)		(117)		(249)		(220)
Less net income allocated to preferred stockholders:
Preferred stock dividends		(818)		(818)		(1,636)		(1,636)
Total net income allocated to preferred stockholders		(818)		(818)		(1,636)		(1,636)
Net income available to common stockholders		16,984		17,338		33,595		33,421
Effect of dilutive securities:
Convertible preferred securities		818		818		1,636		1,636
Total effect of dilutive securities		818		818		1,636		1,636
Net income for diluted net income per share	$	17,802	$	18,156	$	35,231	$	35,057

Shares for basic net income per share		35,299		34,597		35,288		34,592
Effect of dilutive securities:
Stock options		12		24		14		25
Convertible preferred securities		2,000		2,000		2,000		2,000
Total effect of dilutive securities		2,012		2,024		2,014		2,025
Shares for diluted net income per share		37,311		36,621		37,302		36,617

Basic net income per share	$	0.48	$	0.50	$	0.95	$	0.97
Diluted net income per share	$	0.48	$	0.50	$	0.94	$	0.96