Equity and Earnings Per Share Reconciliation

12 Months Ended

Dec. 31, 2011

Equity and Earnings Per Share Reconciliation [Abstract]

EQUITY AND EARNINGS PER SHARE RECONCILIATION

17. EQUITY AND EARNINGS PER SHARE RECONCILIATION

Preferred Stock and Warrant

On December 5, 2008, the Company issued, (1) 130,000 shares of the Company’s Fixed Rate Cumulative Perpetual Preferred Stock, Series B, liquidation preference of $1,000 per share, and (2) a ten-year warrant to purchase up to 1,669,521 shares of the Company’s voting common stock, without par value, at an exercise price of $11.68 per share, for an aggregate purchase price of $130,000,000 in cash pursuant to the U.S. Treasury’s TARP Capital Purchase Program. Of this amount, $8.6 million was allocated to the warrant and $121.4 million was allocated to Preferred Stock based on the fair values of these instruments. The preferred stock discount was being amortized over 5 years. We recorded $8.5 million for the amortization of preferred stock discount during 2009. The Series B Preferred Stock accrued a cumulative cash dividend at the rate of 5% for the first five years of issuance and 9% thereafter and is redeemable by the Company after February 15, 2012. We paid $4.3 million in preferred stock dividends during 2009. This preferred stock was repurchased in 2009 for $131.3 million.

In July 2009, we raised $132.5 million in gross proceeds ($126.1 million net proceeds) from the issuance of common stock in an underwritten public offering. Because we issued common stock in excess of $130 million, the warrant was reduced to 834,000 shares. The net proceeds were used, along with other funds, to repurchase the preferred stock and outstanding warrant issued to the United States Treasury as part of our participation in the Capital Purchase Program. We completed the repurchase of the preferred stock on September 2, 2009 and repurchased the warrant on October 28, 2009.

Earnings Per Common Share Reconciliation

Basic earnings per common share are computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding during each period. The computation of diluted earnings per common share considers the number of tax-effected shares issuable upon the assumed exercise of outstanding common stock options. The table below shows earnings per common share and diluted earnings per common share and reconciles the numerator and denominator of both earnings per common share calculations.

	For the Year Ended December 31,
	2011		2010		2009
	(In thousands, except per share amount)
Earnings per common share:
Net earnings	$	81,733	$	62,935	$	65,419
Less: Dividends on preferred stock and discount amortization		—		—		12,763
Net earnings available to common shareholders	$	81,733	$	62,935	$	52,656
Less: Net earnings allocated to restricted stock		292		217		179
Net earnings allocated to common shareholders (numerator)	$	81,441	$	62,718	$	52,477
Weighted Average Shares Outstanding (denominator)		105,143		105,880		92,955
Earnings per common share (1)	$	0.77	$	0.59	$	0.56
Diluted earnings per common share:
Net income allocated to common shareholders (numerator)	$	81,441	$	62,718	$	52,477
Weighted Average Shares Outstanding		105,143		105,880		92,955
Incremental shares from assumed exercise of outstanding options		80		246		101
Diluted Weighted Average Shares Outstanding (denominator)		105,223		106,126		93,056
Diluted earnings per common share (1)	$	0.77	$	0.59	$	0.56

(1) Of the decrease in earnings and diluted earnings per common share for 2009, $0.14 is due to the preferred stock dividend and discount amortization and $0.07 is due to the increase in weighted common shares outstanding as a result of our capital offering.