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Earnings Per Share
 12 Months Ended
Dec. 31, 2015
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE 13 – 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):

 

 

 

Year Ended December 31,

 

 

 

2015

 

 

2014

 

 

2013

 

Numerator for EPS:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

106,484

 

 

$

72,988

 

 

$

58,977

 

Less: Preferred stock dividends

 

 

(10

)

 

 

(13

)

 

 

(29

)

Income available to common stockholders

 

$

106,474

 

 

$

72,975

 

 

$

58,948

 

Denominator for EPS:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

34,799

 

 

 

33,569

 

 

 

35,866

 

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

 

 

1,056

 

 

 

1,535

 

 

 

1,531

 

  Assumed conversion of preferred stock

 

 

29

 

 

 

46

 

 

 

379

 

Weighted average diluted common shares outstanding

 

 

35,884

 

 

 

35,150

 

 

 

37,776

 

Basic earnings per common share

 

$

3.06

 

 

$

2.17

 

 

$

1.64

 

Diluted earnings per common share

 

$

2.97

 

 

$

2.08

 

 

$

1.56

 

Weighted average number of antidilutive shares

 

 

311

 

 

 

64

 

 

 

518

 

 

(1)

Represents the dilutive effect of unvested Restricted Stock and unexercised Stock Options.