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Earnings Per Share
 3 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Share
11.   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 March 31,  
    2013     2012  

Numerator for EPS:

                

Net income

   $ 11,959     $ 9,873  

Less: Preferred stock dividends

     (5 )      (254 ) 
   

 

 

    

 

 

  

Income available to common stockholders

   $ 11,954     $ 9,619  
   

 

 

    

 

 

  
     

Denominator for EPS:

                

Weighted average common shares outstanding

     39,917       39,388  

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

     793       668  

Assumed conversion of preferred stock

     489       488  
   

 

 

    

 

 

  

Weighted average diluted common shares outstanding

     41,199       40,544  
   

 

 

    

 

 

  
     

Basic earnings per common share

   $ 0.30     $ 0.24  

Diluted earnings per common share

   $ 0.29     $ 0.24  

 

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