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Income Per Common Share
 6 Months Ended
Jun. 30, 2012
Income Per Common Share [Abstract]  
Income Per Common Share

Note 2: Income Per Common Share

The following table sets forth the computation of basic and diluted net income per common share:

(Dollars in Thousands, Except Per Share Amounts)

 

                                 
   

Six Months Ended

June 30,

    

Three Months Ended

June 30,

  
  2012     2011     2012     2011  

Numerator:

                                

Net income

   $ 40,336     $ 49,548     $ 26,033     $ 28,645  

Dividends on Series B Preferred

     (240 )      (240 )      —         —    

Dividends on Series D Preferred

     (60 )      (60 )      —         —    

Dividends on Noncumulative Preferred

     —         (5 )      —         —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Total dividends on preferred stocks

     (300 )      (305 )      —         —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Numerator for basic net income per common share — net income applicable to common stock

     40,036       49,243       26,033       28,645  

Dividends on preferred stocks assumed to be converted, if dilutive

     300       305       —         —    

Interest expense including amortization of debt issuance costs, net of income taxes, on convertible debt assumed to be converted, if dilutive

     —         290       —         25  
   

 

 

    

 

 

    

 

 

    

 

 

  

Numerator for diluted net income per common share

   $ 40,336     $ 49,838     $ 26,033     $ 28,670  
   

 

 

    

 

 

    

 

 

    

 

 

  

Denominator:

                                

Denominator for basic net income per common share — weighted-average shares

     22,332,303       21,656,508       22,340,826       22,133,217  

Effective of dilutive securities:

                                

Convertible preferred stocks

     917,346       935,626       916,666       935,626  

Stock options

     266,776       359,158       251,838       362,634  

Convertible notes payable

     —         534,146       —         95,000  
   

 

 

    

 

 

    

 

 

    

 

 

  

Dilutive potential common shares

     1,184,122       1,828,930       1,168,504       1,393,260  
   

 

 

    

 

 

    

 

 

    

 

 

  

Denominator for diluted net income per common share — adjusted weighted-average shares and assumed conversions

     23,516,425       23,485,438       23,509,330       23,526,477  
   

 

 

    

 

 

    

 

 

    

 

 

  

Basic net income per common share

   $ 1.79     $ 2.27     $ 1.17     $ 1.29  
   

 

 

    

 

 

    

 

 

    

 

 

  

Diluted net income per common share

   $ 1.72     $ 2.12     $ 1.11     $ 1.22  
   

 

 

    

 

 

    

 

 

    

 

 

  

The following weighted-average shares of securities were not included in the computation of diluted net income per common share as their effect would have been antidilutive:

 

                                 
    Six Months Ended
June 30,		     Three Months Ended
June 30,		  
  2012     2011     2012     2011  

Stock options

     254,000       —         254,000       —