XML 65 R16.htm IDEA: XBRL DOCUMENT v3.3.0.814
Earnings Per Share
 9 Months Ended
Sep. 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

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Numerator for EPS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

30,298

 

 

$

21,341

 

 

$

77,332

 

 

$

52,016

 

Less: Preferred stock dividends

 

(3

)

 

 

(3

)

 

 

(8

)

 

 

(11

)

Income available to common stockholders

$

30,295

 

 

$

21,338

 

 

$

77,324

 

 

$

52,005

 

Denominator for EPS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

34,911

 

 

 

33,432

 

 

 

34,837

 

 

 

33,607

 

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

 

1,063

 

 

 

1,345

 

 

 

1,050

 

 

 

1,440

 

         Assumed conversion of preferred stock

 

25

 

 

 

35

 

 

 

31

 

 

 

50

 

Weighted average diluted common shares outstanding

 

35,999

 

 

 

34,812

 

 

 

35,918

 

 

 

35,097

 

Basic earnings per common share

$

0.87

 

 

$

0.64

 

 

$

2.22

 

 

$

1.55

 

Diluted earnings per common share

$

0.84

 

 

$

0.61

 

 

$

2.15

 

 

$

1.48

 

 

(1)

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