Net Income Per Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Net Income Per Share

NOTE 4 – NET INCOME PER SHARE

The following table reconciles basic and diluted net income per share for the three and six months ended June 30:

(dollars and shares in thousands, except per share data)	Three Months Ended June  30, 2013		Three Months Ended June 30, 2012
Basic Earnings Per Share
Net income	$	28,478	$	27,206
Weighted average common shares outstanding		100,981		94,514
Basic Earnings Per Share	$	0.28	$	0.29
Diluted Earnings Per Share
Net income	$	28,478	$	27,206
Weighted average common shares outstanding		100,981		94,514
Effect of dilutive securities:
Restricted stock (1)		363		339
Stock options (2)		8		18
Weighted average shares outstanding		101,352		94,871
Diluted Earnings Per Share	$	0.28	$	0.29
(dollars and shares in thousands, except per share data)	Six Months Ended June 30, 2013		Six Months Ended June 30, 2012
Basic Earnings Per Share
Net income	$	52,423	$	48,929
Weighted average common shares outstanding		101,031		94,479
Basic Earnings Per Share	$	0.52	$	0.52
Diluted Earnings Per Share
Net income	$	52,423	$	48,929
Weighted average common shares outstanding		101,031		94,479
Effect of dilutive securities:
Restricted stock (1)		406		350
Stock options (2)		11		18
Weighted average shares outstanding		101,448		94,847
Diluted Earnings Per Share	$	0.52	$	0.52

(1) No shares of restricted stock awards or restricted stock units were excluded in the computation of net income per diluted share for the second quarter ended June 30, 2013 and 2012, respectively, because the effect would be antidilutive. 0 and 1 shares of restricted stock and restricted stock units were excluded in the computation of net income per diluted share for the six months ended June 30, 2013 and 2012, respectively, because the effect would be antidilutive.

(2) Options to purchase 1,294 shares and 3,113 shares outstanding at June 30, 2013 and 2012, respectively, were excluded in the computation of net income per diluted share for the second quarter ended June 30, 2013 and 2012, respectively, because the exercise price of these options was greater than the average market price of the common shares and, therefore, the effect would be antidilutive. Options to purchase 1,202 and 3,106 shares outstanding at June 30, 2013 and 2012, respectively, were excluded in the computation of net income per diluted share for the six months ended June 30, 2013 and 2012, respectively, because the exercise price of these options was greater than the average market price of the common shares and, therefore, the effect would be antidilutive.