Earnings Per Share

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

EARNINGS PER SHARE

7. EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share and per share data):

	Three Months Ended March 31,
	2013		2012
Numerator:
Net income available to common shareholders	$	21,569	$	12,311
Denominator:
Basic weighted average shares outstanding		16,883,111		15,473,777
Effect of dilutive securities:
SARs and options		330,075		450,686
Convertible notes		—		776,015
Restricted stock		67,259		17,509
Diluted weighted average shares outstanding		17,280,445		16,717,987
Basic earnings per share	$	1.28	$	0.80
Diluted earnings per share	$	1.25	$	0.74

Diluted earnings per share is computed using the weighted average number of shares determined for the basic earnings per share computation plus the dilutive effect of common stock equivalents using the treasury stock method. The computation of diluted earnings per share excludes the following potentially dilutive securities because the effect would be anti-dilutive:

	Three Months Ended March  31,
	2013		2012
Restricted stock and stock options		32,872		135,521
Stock appreciation rights		30,753		136,410