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Earnings per Common Share
9 Months Ended
Sep. 30, 2012
Earnings Per Share, Basic, Other Disclosures [Abstract]  
Earnings per Common Share
Earnings per Share
The following table reconciles the number of shares used in calculating the basic and diluted earnings per share for the quarters and nine months ended September 30:
 
 
Quarter Ended
 
Nine Months Ended
 
September 30,
 
September 30,
(Dollars in thousands, except per-share amounts)
2012
 
2011
 
2012
 
2011
Net income
$
18,599

 
$
25,599

 
$
28,730

 
$
41,744

 
 
 
 
 
 
 
 
Basic weighted-average shares outstanding
40,356,512

 
40,187,334

 
40,316,957

 
40,147,133

Incremental shares due to:
 
 
 
 
 
 
 
Stock options
27,558

 
44,147

 
20,263

 
54,048

Performance shares
119,400

 
120,182

 
102,000

 
129,691

Restricted stock units
67,598

 
28,639

 
63,938

 
29,005

Diluted weighted-average shares outstanding
40,571,068

 
40,380,302

 
40,503,158

 
40,359,877

 
 
 
 
 
 
 
 
Basic net income per share
$
0.46

 
$
0.64

 
$
0.71

 
$
1.04

Diluted net income per share
$
0.46

 
$
0.63

 
$
0.71

 
$
1.03

 
 
 
 
 
 
 
 
Anti-dilutive shares excluded from the calculation:
 
 
 
 
 
 
 
Performance shares

 
77,767

 

 
77,767

Restricted stock units

 

 
1,000

 
2,700

Total anti-dilutive shares excluded from the calculation

 
77,767

 
1,000

 
80,467