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Earnings Per Share
12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per common share for 2013 , 2012 and 2011:
 
(In thousands, except per share data)
 
  
 
2013
 
2012
 
2011
Net income
 
 
 
$
137,210

 
$
111,196

 
$
77,575

Less: Preferred stock dividends and discount accretion
 
 
 
8,395

 
9,093

 
4,128

Net income applicable to common shares—Basic
 
(A)
 
128,815

 
102,103

 
73,447

Add: Dividends on convertible preferred stock
 
 
 
8,325

 
8,955

 

Net income applicable to common shares—Diluted
 
(B)
 
137,140

 
111,058

 
73,447

Weighted average common shares outstanding
 
(C)
 
38,699

 
36,365

 
35,355

Effect of dilutive potential common shares:
 
 
 
 
 
 
 
 
Common stock equivalents
 
 
 
7,108

 
7,313

 
8,636

Convertible preferred stock, if dilutive
 
 
 
4,141

 
4,356

 

Total dilutive potential common shares
 
 
 
11,249

 
11,669

 
8,636

Weighted average common shares and effect of dilutive potential common shares
 
(D)
 
49,948

 
48,034

 
43,991

Net income per common share:
 
 
 
 
 
 
 
 
Basic
 
(A/C)
 
$
3.33

 
$
2.81

 
$
2.08

Diluted
 
(B/D)
 
$
2.75

 
$
2.31

 
$
1.67


Potentially dilutive common shares can result from stock options, restricted stock unit awards, stock warrants, the Company’s convertible preferred stock, tangible equity unit shares and shares to be issued under the ESPP and the DDFS Plan, being treated as if they had been either exercised or issued, computed by application of the treasury stock method. While potentially dilutive common shares are typically included in the computation of diluted earnings per share, potentially dilutive common shares are excluded from this computation in periods in which the effect would reduce the loss per share or increase the income per share. For diluted earnings per share, net income applicable to common shares can be affected by the conversion of the Company’s convertible preferred stock. Where the effect of this conversion would reduce the loss per share or increase the income per share, net income applicable to common shares is not adjusted by the associated preferred dividends.