Earnings Per Share

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Numerator:
Net income available to common shareholders	$	13,224	$	8,339	$	34,793	$	20,651
Denominator:
Basic weighted average shares outstanding		17,012,046		15,571,207		16,947,935		15,522,492
Effect of dilutive securities:
SARs and options		286,869		445,178		308,472		447,932
Convertible notes		—		1,155,920		—		965,967
Restricted stock		93,355		37,872		80,307		27,691
Diluted weighted average shares outstanding		17,392,270		17,210,177		17,336,714		16,964,082
Basic earnings per share	$	0.78	$	0.54	$	2.05	$	1.33
Diluted earnings per share	$	0.76	$	0.48	$	2.01	$	1.22

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 June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Restricted stock and stock options		371		127,014		16,621		131,267
Stock appreciation rights		57,661		177,758		44,207		157,084