Earnings Per Common Share

12 Months Ended

Dec. 31, 2012

Earnings Per Common Share [Abstract]

Earnings Per Common Share

NOTE 25. EARNINGS PER COMMON SHARE 

The following is a computation of basic and diluted earnings per common share for the years ended December 31, 2012, 2011 and 2010:

(in thousands, except per share data)
	2012		2011		2010
NUMERATORS:
Net income	$	101,891	$	74,496	$	28,326
Preferred stock dividends		-		-		12,192
Dividends and undistributed earnings allocated to participating securities (1)		682		356		67
Net earnings available to common shareholders	$	101,209	$	74,140	$	16,067
DENOMINATORS:
Weighted average number of common shares outstanding - basic		111,935		114,220		107,922
Effect of potentially dilutive common shares (2)		216		189		231
Weighted average number of common shares outstanding - diluted		112,151		114,409		108,153
EARNINGS PER COMMON SHARE:
Basic	$	0.90	$	0.65	$	0.15
Diluted	$	0.90	$	0.65	$	0.15

(1) Represents dividends paid and undistributed earnings allocated to nonvested restricted stock awards.

(2) Represents the effect of the assumed exercise of warrants, assumed exercise of stock options, vesting of non-participating restricted shares, and vesting of restricted stock units, based on the treasury stock method.

The following table presents the weighted average outstanding securities that were not included in the computation of diluted earnings per common share because their effect would be anti-dilutive for the years ended December 31, 2012, 2011 and 2010.

(in thousands)
	2012	2011	2010
Stock options	1,306	1,815	1,450
CPP warrant	-	-	274
Non-participating, nonvested restricted shares	-	-	9
	1,306	1,815	1,733

The weighted average number of outstanding common stock underlying the CPP warrant in 2010 reflects the repurchase of the warrants in connection with the Company’s full repayment of TARP obligations and cancellation of all equity interests in the Company held by the U.S. Treasury.