Income Per Common Share (Tables)

12 Months Ended

Dec. 31, 2013

Computation of Basic and Diluted Net Income Per Common Share

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


	2013			2012			2011
	(Dollars In Thousands, Except Per Share Amounts)
Numerator:
Net income:	$	54,962		$	58,604		$	83,842
Dividends on Series B Preferred		(240	)		(240	)		(240	)
Dividends on Series D Preferred		(60	)		(60	)		(60	)
Dividends on Noncumulative Preferred		—			—			(5	)

Total dividends on preferred stocks		(300	)		(300	)		(305	)

Numerator for basic net income per common share - net income applicable to common stock		54,662			58,304			83,537
Dividends on preferred stocks assumed to be converted, if dilutive		300			300			305
Interest expense including amortization of debt issuance costs, net of income taxes, on convertible debt assumed to be converted, if dilutive		—			—			299

Numerator for diluted net income per common share	$	54,962		$	58,604		$	84,141

Denominator:
Denominator for basic net income per common share - weighted-average shares		22,465,176			22,359,967			21,962,294
Effect of dilutive securities:
Convertible preferred stocks		916,666			917,006			935,432
Stock options		215,124			261,596			325,752
Convertible notes payable		—			—			275,764

Dilutive potential common shares		1,131,790			1,178,602			1,536,948

Denominator for dilutive net income per common share - adjusted weighted-average shares and assumed conversions		23,596,966			23,538,569			23,499,242

Basic net income per common share	$	2.43		$	2.61		$	3.80

Diluted net income per common share	$	2.33		$	2.49		$	3.58

Antidilutive Securities Excluded from Computation of Earning Per Share

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:

2013

2012

2011

Stock options

246,391

254,000

35,701