EX-11 3 ex11.htm EXHIBIT 11

Exhibit 11

Statement of Computation of Per Share Earnings

The composition of basic and diluted earnings per share were as follows for:

(Dollars in thousands, except per share amounts)

|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Net income available to common stockholders |  | $ | 18,156 |  |  | $ | 8,473 |  |  | $ | 32,206 |  |  | $ | 15,586 |
Weighted average number of common shares outstanding |  |  | 43,334,441 |  |  |  | 41,319,057 |  |  |  | 43,132,398 |  |  |  | 41,316,958 |
Effect of stock options |  |  | 27,114 |  |  |  | 143,537 |  |  |  | 24,429 |  |  |  | 160,906 |
Weighted average diluted number of common shares outstanding |  |  | 43,361,555 |  |  |  | 41,462,594 |  |  |  | 43,156,827 |  |  |  | 41,477,864 |
Basic earnings per share |  | $ | 0.42 |  |  | $ | 0.21 |  |  | $ | 0.75 |  |  | $ | 0.38 |
Diluted earnings per share |  | $ | 0.42 |  |  | $ | 0.20 |  |  | $ | 0.75 |  |  | $ | 0.38 |