Income Per Common Share

12 Months Ended

Dec. 31, 2012

Income Per Common Share

3. Income Per Common Share

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

	2012			2011			2010
	(Dollars In Thousands, Except Per Share Amounts)
Numerator:
Net income:	$	58,604		$	83,842		$	29,574
Dividends on Series B Preferred		(240	)		(240	)		(240	)
Dividends on Series D Preferred		(60	)		(60	)		(60	)
Dividends on Noncumulative Preferred		—			(5	)		(5	)
Total dividends on preferred stocks		(300	)		(305	)		(305	)
Numerator for basic net income per common share—net income applicable to common stock		58,304			83,537			29,269
Dividends on preferred stocks assumed to be converted, if dilutive		300			305			305
Interest expense including amortization of debt issuance costs, net of income taxes, on convertible debt assumed to be converted, if dilutive		—			299			1,061
Numerator for diluted net income per common share	$	58,604		$	84,141		$	30,635
Denominator:
Denominator for basic net income per common share—weighted-average shares		22,359,967			21,962,294			21,168,184
Effect of dilutive securities:
Convertible preferred stocks		917,006			935,432			936,292
Stock options		261,596			325,752			186,258
Convertible notes payable		—			275,764			983,160
Dilutive potential common shares		1,178,602			1,536,948			2,105,710
Denominator for dilutive net income per common share—adjusted weighted-average shares and assumed conversions		23,538,569			23,499,242			23,273,894
Basic net income per common share	$	2.61		$	3.80		$	1.38
Diluted net income per common share	$	2.49		$	3.58		$	1.32

The following weighted-average shares of securities were not included in the computation of diluted net income per common share as their effect would have been antidilutive:

	2012		2011		2010
Stock options		254,000		35,701		357,685