Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2011

Earnings Per Common Share

Computation of Basic and Diluted Earnings (Loss) Per Common Share

(in thousands, except per share data)

	Three months ended     June  30,				Six months ended     June 30,
	2011		2010		2011		2010
NUMERATORS:
Net income	$	17,785	$	3,463	$	31,252	$	11,977
Less:
Preferred stock dividends		-		-		-		12,192
Dividends and undistributed earnings allocated to participating securities (1)		86		16		148		31
Net earnings (loss) available to common shareholders	$	17,699	$	3,447	$	31,104	$	(246)
DENOMINATORS:
Weighted average number of common shares outstanding - basic		114,611		110,135		114,593		101,205
Effect of potentially dilutive common shares (2)		174		220		203		230
Preferred convertible stock		-		4,378		-		-
Weighted average number of common shares outstanding - diluted		114,785		114,733		114,796		101,435
EARNINGS (LOSS) PER COMMON SHARE:
Basic	$	0.15	$	0.03	$	0.27	$	-
Diluted	$	0.15	$	0.03	$	0.27	$	-

(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.

Schedule of Weighted Average Outstanding Securities Not Included in the Computation of Diluted Earnings Per Common Share

	Three months ended     June  30,				Six months ended     June 30,
	2011		2010		2011		2010
Stock options		1,859		1,287		1,833		1,233
CPP warrant		-		-		-		552
Non-participating, nonvested restricted shares		-		10		-		11
Restricted stock units		-		-		-		-
		1,859		1,297		1,833		1,796