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Earnings Per Share
 6 Months Ended
Jun. 30, 2015
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

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Numerator for EPS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

24,704

 

 

$

17,126

 

 

$

47,034

 

 

$

30,675

 

Less: Preferred stock dividends

 

(3

)

 

 

(3

)

 

 

(5

)

 

 

(8

)

Income available to common stockholders

$

24,701

 

 

$

17,123

 

 

$

47,029

 

 

$

30,667

 

Denominator for EPS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

35,019

 

 

 

33,968

 

 

 

34,800

 

 

 

33,696

 

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

 

951

 

 

 

1,171

 

 

 

1,153

 

 

 

1,697

 

         Assumed conversion of preferred stock

 

32

 

 

 

35

 

 

 

34

 

 

 

57

 

Weighted average diluted common shares outstanding

 

36,002

 

 

 

35,174

 

 

 

35,987

 

 

 

35,450

 

Basic earnings per common share

$

0.71

 

 

$

0.50

 

 

$

1.35

 

 

$

0.91

 

Diluted earnings per common share

$

0.69

 

 

$

0.49

 

 

$

1.31

 

 

$

0.87

 

 

(1)

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