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Earnings Per Share
 9 Months Ended
Sep. 30, 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 common shares outstanding for the period, excluding any dilutive common share equivalents. Diluted EPS reflects the potential dilution resulting from exercises of stock options, vesting of restricted stock and conversion of preferred stock.

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

 

                                 
    Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
    2012     2011     2012     2011  

Numerator for EPS:

                                

Net income

   $ 8,256     $ 975     $ 25,906     $ 22,422  

Less: Preferred stock dividends

     (23 )      (5 )      (282 )      (15 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Income available to common stockholders

   $ 8,233     $ 970     $ 25,624     $ 22,407  
         

Denominator for EPS:

                                

Weighted average common shares outstanding

     39,679       39,190       39,579       39,177  

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

     282       651       390       870  

Assumed conversion of preferred stock

     489       489       489       489  
   

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average diluted common shares outstanding

     40,450       40,330       40,458       40,536  

Basic earnings per common share

   $ 0.21     $ 0.02     $ 0.65     $ 0.57  

Diluted earnings per common share

   $ 0.20     $ 0.02     $ 0.64     $ 0.55  

 

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