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Earnings Per Share
 6 Months Ended
Jun. 30, 2015
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 affect 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 (share amounts in thousands):

 

     Three Months Ended
June 30, 2015		      Three Months Ended
June 30, 2014		  
     Income
(Numerator)		     Shares
(Denominator)		      Per Share
Amount		      Income
(Numerator)		     Shares
(Denominator)		      Per Share
Amount		  

Net income

    $ 22,022            $ 16,430        

Less: Preferred stock dividends

      —                1        

Less: Income attributable to participating securities

      (1,231 )            (1,203 )      
  

 

 

          

 

 

       

Basic Earnings Per Share:

                

Income allocated to common stockholders

      20,791        9,580       $ 2.17         15,228        9,925       $ 1.53   
       

 

 

          

 

 

  

Effect of Dilutive Securities:

                

Stock options

      —          115            —          133      

Convertible preferred stock

      —          —              (1 )      3      

Convertible senior notes

      1,121        1,650            1,081        1,649      
  

 

 

    

 

 

        

 

 

    

 

 

     

Diluted Earnings Per Share:

                

Income available to common stockholders and assumed conversions

    $ 21,912        11,345       $ 1.93       $ 16,308        11,710       $ 1.39   
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  
     Six Months Ended
June 30, 2015		      Six Months Ended
June 30, 2014		  
     Income
(Numerator)		     Shares
(Denominator)		      Per Share
Amount		      Income
(Numerator)		     Shares
(Denominator)		      Per Share
Amount		  

Net income

    $ 47,400            $ 34,050        

Less: Preferred stock dividends

      —                4        

Less: Income attributable to participating securities

      (2,730 )            (2,386 )      
  

 

 

          

 

 

       

Basic Earnings Per Share:

                

Income allocated to common stockholders

      44,670        9,560       $ 4.67         31,668        10,092       $ 3.14   
       

 

 

          

 

 

  

Effect of Dilutive Securities:

                

Stock options

      —          125            —          141      

Convertible preferred stock

      —          —              (4 )      41      

Convertible senior notes

      2,231        1,649            2,152        1,649      
  

 

 

    

 

 

        

 

 

    

 

 

     

Diluted Earnings Per Share:

                

Income available to common stockholders and assumed conversions

    $ 46,901        11,334       $ 4.14       $ 33,816        11,923       $ 2.84