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Earnings Per Share
 3 Months Ended
Mar. 31, 2012
Earnings Per Share [Abstract]  
Earnings Per Share

10. Earnings Per Share

Basic earnings per share (“EPS”) is based on the weighted average number of shares outstanding for the period, excluding any dilutive common share equivalents. Diluted EPS reflects the potential dilution that could occur if securities to issue common stock were exercised or restricted stock vests.

 

The following table reconciles the numerator (i.e., income) and denominator (i.e., shares) of the basic and diluted earnings per share computations for net income for the periods presented (in thousands, except per share data):

 

                 
    Three Months Ended
March 31,		  
    2012     2011  

Numerator for EPS:

                

Net income

   $ 9,873     $ 13,898  

Less: Preferred stock dividends

     (254 )      (5 ) 
   

 

 

    

 

 

  

Income available to common stockholders

   $ 9,619     $ 13,893  
     

Denominator for EPS:

                

Weighted average common shares outstanding

     39,388       39,388  

Plus: Assumed conversion of stock-based compensation (1)

     668       962  

Assumed conversion of preferred stock (2)

     488       488  
   

 

 

    

 

 

  

Weighted average diluted common shares outstanding

     40,544       40,838  
     

Basic earnings per common share

   $ 0.24     $ 0.35  

Diluted earnings per common share

   $ 0.24     $ 0.34  

 

(1) Represents the dilutive effect of unvested restricted stock and unexercised stock options.

 

(2) The assumed conversion of preferred stock for the three months ended March 31, 2011 has been corrected to reflect the conversion factor of 1 to 5 for Series M Preferred Stock. A conversion factor of 1 to 1. 25 was incorrectly used to calculate the assumed conversion of Series M Preferred Stock as presented in the Company's Form 10-Q for the three months ended March 31, 2011. This error resulted in an understatement of the assumed conversion of preferred stock for purposes of calculating the average diluted shares outstanding resulting in an overstatement of diluted earnings per share of an amount less than $0.01.