| 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:
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(in thousands, except per share data)
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2012
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2011
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2010
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NUMERATORS:
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Net income
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$
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101,891
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$
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74,496
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$
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28,326
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Preferred stock dividends
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-
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-
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12,192
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Dividends and undistributed earnings allocated to participating securities (1)
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682
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356
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67
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Net earnings available to common shareholders
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$
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101,209
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$
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74,140
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$
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16,067
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DENOMINATORS:
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Weighted average number of common shares outstanding - basic
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111,935
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114,220
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107,922
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Effect of potentially dilutive common shares (2)
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216
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189
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231
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Weighted average number of common shares outstanding - diluted
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112,151
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114,409
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108,153
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EARNINGS PER COMMON SHARE:
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Basic
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$
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0.90
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$
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0.65
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$
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0.15
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Diluted
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$
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0.90
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$
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0.65
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$
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0.15
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(1)
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Represents dividends paid and undistributed earnings allocated to nonvested restricted stock awards. |
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(2)
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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.
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(in thousands)
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2012
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2011
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2010
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Stock options
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1,306
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1,815
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1,450
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CPP warrant
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-
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-
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274
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Non-participating, nonvested restricted shares
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-
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-
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9
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1,306
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1,815
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1,733
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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.
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