Earnings Per Common Share

12 Months Ended

Dec. 31, 2011

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, 2011, 2010 and 2009:

(in thousands, except per share data)
	2011		2010		2009
NUMERATORS:
Net income (loss)	$	74,496	$	28,326	$	(153,366	)
Preferred stock dividends		—		12,192		12,866
Dividends and undistributed earnings allocated to participating securities(1)		356		67		30
Net earnings (loss) available to common shareholders	$	74,140	$	16,067	$	(166,262	)
DENOMINATORS:
Weighted average number of common shares outstanding - basic		114,220		107,922		70,399
Effect of potentially dilutive common shares(2)		189		231		—
Weighted average number of common shares outstanding - diluted		114,409		108,153		70,399
EARNINGS (LOSS) PER COMMON SHARE:
Basic	$	0.65	$	0.15	$	(2.36	)
Diluted	$	0.65	$	0.15	$	(2.36	)

(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 non-participating 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, 2011, 2010 and 2009:

(in thousands)
	2011		2010		2009
Stock options		1,815		1,450		1,826
CPP warrant		—		274		1,811
Non-participating, nonvested restricted shares		—		9		17
Restricted stock units		—		—		100
		1,815		1,733		3,754

In the fourth quarter of 2008, the Company issued the CPP warrant to the U.S. Treasury to purchase up to 2,221,795 shares of common stock. This security was not included in the computation of diluted EPS for the year ended December 31, 2009 because the warrant's exercise price was greater than the average market price of common shares. The weighted average number of outstanding common stock underlying the CPP warrant in 2009 reflects the 50% reduction of the number of shares of common stock underlying the warrant in connection with the Company's qualifying public offering in the third quarter of 2009. 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.