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Net Income Per Share
 9 Months Ended
Sep. 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 nine months ended September 30:

 

(dollars and shares in thousands,    Three Months Ended      Three Months Ended  

except per share data)

    September 30, 2013      September 30, 2012  

Basic Earnings Per Share

      

Net income

    $ 23,948       $ 19,737   

Weighted average common shares outstanding

      100,645         95,690   

Basic Earnings Per Share

    $ 0.24       $ 0.20   
  

 

 

     

 

 

  

Diluted Earnings Per Share

      

Net income

    $ 23,948       $ 19,737   

Weighted average common shares outstanding

      100,645         95,690   

Effect of dilutive securities:

      

Restricted stock (1)

      454         422   

Stock options (2)

      32         13   
  

 

 

     

 

 

  

Weighted average shares outstanding

      101,131         96,125   

Diluted Earnings Per Share

    $ 0.23       $ 0.20   
  

 

 

     

 

 

  
(dollars and shares in thousands,    Nine Months Ended      Nine Months Ended  

except per share data)

    September 30, 2013      September 30, 2012  

Basic Earnings Per Share

      

Net income

    $ 76,371       $ 68,666   

Weighted average common shares outstanding

      100,901         94,886   

Basic Earnings Per Share

    $ 0.76       $ 0.72   
  

 

 

     

 

 

  

Diluted Earnings Per Share

      

Net income

    $ 76,371       $ 68,666   

Weighted average common shares outstanding

      100,901         94,886   

Effect of dilutive securities:

      

Restricted stock (1)

      424         371   

Stock options (2)

      26         17   
  

 

 

     

 

 

  

Weighted average shares outstanding

      101,351         95,274   

Diluted Earnings Per Share

    $ 0.75       $ 0.72   
  

 

 

     

 

 

  

 

(1) 0 and 7 shares of restricted stock awards or restricted stock units were excluded in the computation of net income per diluted share for the third quarter ended September 30, 2013 and 2012, respectively, because the effect would be antidilutive. 6 and 7 shares of restricted stock and restricted stock units were excluded in the computation of net income per diluted share for the nine months ended September 30, 2013 and 2012, respectively, because the effect would be antidilutive.
(2) Options to purchase 1,013 shares and 3,267 shares outstanding at September 30, 2013 and 2012, respectively, were excluded in the computation of net income per diluted share for the third quarter ended September 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 1,025 and 3,286 shares outstanding at September 30, 2013 and 2012, respectively, were excluded in the computation of net income per diluted share for the nine months ended September 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.