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Earnings Per Share
 9 Months Ended
Sep. 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

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

2014

 

 

2013

 

 

2014

 

 

2013

 

Numerator for EPS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

21,341

 

 

$

14,407

 

 

$

52,016

 

 

$

43,395

 

Less: Preferred stock dividends

 

(3

)

 

 

(14

)

 

 

(11

)

 

 

(24

)

Income available to common stockholders

$

21,338

 

 

$

14,393

 

 

$

52,005

 

 

$

43,371

 

Denominator for EPS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

33,432

 

 

 

33,658

 

 

 

33,607

 

 

 

36,628

 

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

 

1,345

 

 

 

1,630

 

 

 

1,440

 

 

 

1,291

 

Plus: Assumed conversion of preferred stock

 

35

 

 

 

323

 

 

 

50

 

 

 

433

 

Weighted average diluted common shares outstanding

 

34,812

 

 

 

35,611

 

 

 

35,097

 

 

 

38,352

 

Basic earnings per common share

$

0.64

 

 

$

0.43

 

 

$

1.55

 

 

$

1.18

 

Diluted earnings per common share

$

0.61

 

 

$

0.40

 

 

$

1.48

 

 

$

1.13

 

(1)

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