EARNINGS PER COMMON SHARE

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE

Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding net of unvested shares of restricted stock.

Diluted earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding, adjusted for the dilutive effect of potential common shares issuable for stock options, warrants and restricted shares, as calculated using the treasury stock method. Adjustments to the weighted average number of shares of common stock outstanding are made only when such adjustments dilute earnings per common share.

The following table sets forth the computation of basic and diluted earnings per common share:

	Three Months Ended
	March 31,
	2014		2013
Net income	$	34,524	$	28,538
Preferred stock dividends		2,322		—
Net income available to common stockholders	$	32,202	$	28,538
Basic weighted average common shares outstanding		162,186,395		139,650,495
Net effect of dilutive stock options, warrants, restricted stock and convertible debt		1,780,851		1,415,695
Diluted weighted average common shares outstanding		163,967,246		141,066,190
Earnings per common share:
Basic	$	0.20	$	0.20
Diluted	$	0.20	$	0.20

For the three months ended March 31, 2014 and 2013, 51,641 and 71,555 shares of common stock, respectively, related to stock options and warrants were excluded from the computation of diluted earnings per common share because the exercise price of the shares was greater than the average market price of the common shares and, therefore, the effect would be anti-dilutive.