XML 66 R16.htm IDEA: XBRL DOCUMENT v2.4.0.8
Earnings Per Share
 6 Months Ended
Jun. 30, 2014
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
June 30,		     Six Months Ended
June 30,		  
     2014     2013     2014     2013  

Numerator for EPS:

         

Net income

    $ 17,126      $ 17,029      $ 30,675      $ 28,988   

Less: Preferred stock dividends

      (3 )      (5 )      (8 )      (10 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Income available to common stockholders

    $ 17,123      $ 17,024      $ 30,667      $ 28,978   
  

 

 

    

 

 

    

 

 

    

 

 

  

Denominator for EPS:

         

Weighted average common shares outstanding

      33,968        36,378        33,696        38,138   

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

      1,171        1,448        1,697        1,134   

Plus: Assumed conversion of preferred stock

      35        488        57        488   
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average diluted common shares outstanding

      35,174        38,314        35,450        39,760   
  

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings per common share

    $ 0.50      $ 0.47      $ 0.91      $ 0.76   

Diluted earnings per common share

    $ 0.49      $ 0.44      $ 0.87      $ 0.73   

 

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