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Earnings Per Share
 12 Months Ended
Dec. 31, 2012
Earnings Per Share [Abstract]  
EARNINGS PER SHARE

NOTE 13 – 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.

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):

 

                         
    Year Ended December 31,  
    2012     2011     2010  

Numerator for EPS:

                       

Net income

   $ 30,312     $ 20,109     $ 36,984  

Less: Preferred stock dividends

     (287 )      (20 )      (20 ) 
   

 

 

    

 

 

    

 

 

  

Income available to common stockholders

   $ 30,025     $ 20,089     $ 36,964  
   

 

 

    

 

 

    

 

 

  
       

Denominator for EPS:

                       

Weighted average common shares outstanding

     39,614       39,184       39,113  

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

     513       770       977  

Assumed conversion of preferred stock

     489       488       489  
   

 

 

    

 

 

    

 

 

  

Weighted average diluted common shares outstanding

     40,616       40,442       40,579  
   

 

 

    

 

 

    

 

 

  
       

Basic earnings per common share

   $ 0.76     $ 0.51     $ 0.95  

Diluted earnings per common share

   $ 0.75     $ 0.50     $ 0.91  
       

Weighted average number of antidilutive shares

     818       2,553       1,941  

 

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