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Earnings Per Share
 9 Months Ended
Sep. 30, 2014
Earnings Per Share [Abstract]  
Earnings Per Share

Note 10 — Earnings Per Share

U.S. GAAP requires the Company to use the two-class method in computing basic earnings per share since holders of the Company’s restricted stock have the right to share in dividends, if declared, equally with common stockholders. These participating securities effect the computation of both basic and diluted earnings per share during periods of net income.

 

A summary of the numerator and denominator of the basic and diluted earnings per common share is presented below:

 

     Three Months Ended
September 30, 2014		      Three Months Ended
September 30, 2013		  
     Income
(Numerator)		     Shares
(Denominator)		      Per Share
Amount		      Income
(Numerator)		     Shares
(Denominator)		      Per Share
Amount		  

Net income

    $ 14,052            $ 13,378        

Less: Preferred stock dividends

      —                (22 )      

Less: Income attributable to participating securities

      (1,024 )            (823 )      
  

 

 

          

 

 

       

Basic Earnings Per Share:

                

Income allocated to common stockholders

      13,028        9,736       $ 1.34         12,533        10,749       $ 1.17   
       

 

 

          

 

 

  

Effect of Dilutive Securities:

                

Stock options

      —          133            —          164      

Convertible preferred stock

      —          —              22        165      

Convertible senior notes

      1,090        1,649            —          —        
  

 

 

    

 

 

        

 

 

    

 

 

     

Diluted Earnings Per Share:

                

Income available to common stockholders and assumed conversions

    $ 14,118        11,518       $ 1.23       $ 12,555        11,078       $ 1.13   
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

 

     Nine Months Ended
September 30, 2014		      Nine Months Ended
September 30, 2013		  
     Income
(Numerator)		     Shares
(Denominator)		      Per Share
Amount		      Income
(Numerator)		     Shares
(Denominator)		      Per Share
Amount		  

Net income

    $ 48,102            $ 50,000        

Less: Preferred stock dividends

      4              (88 )      

Less: Income attributable to participating securities

      (3,415 )            (2,205 )      
  

 

 

          

 

 

       

Basic Earnings Per Share:

                

Income allocated to common stockholders

      44,691        9,972       $ 4.48         47,707        10,696       $ 4.46   
       

 

 

          

 

 

  

Effect of Dilutive Securities:

                

Stock options

      —          139            —          162      

Convertible preferred stock

      (4 )      27            88        195      

Convertible senior notes

      3,242        1,649            —          —        
  

 

 

    

 

 

        

 

 

    

 

 

     

Diluted Earnings Per Share:

                

Income available to common stockholders and assumed conversions

    $ 47,929        11,787       $ 4.07       $ 47,795        11,053       $ 4.32