Net Income Per Share

6 Months Ended

Jun. 30, 2014

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, 2014		Three Months Ended June 30, 2013
Basic Earnings Per Share
Net income	$	18,773	$	28,478
Weighted average common shares outstanding		103,904		100,981
Basic Earnings Per Share	$	0.18	$	0.28
Diluted Earnings Per Share
Net income	$	18,773	$	28,478
Weighted average common shares outstanding		103,904		100,981
Effect of dilutive securities:
Restricted stock (1)		424		363
Stock options (2)		33		8
Weighted average shares outstanding		104,361		101,352
Diluted Earnings Per Share	$	0.18	$	0.28
(dollars and shares in thousands, except per share data)	Six Months Ended June 30, 2014		Six Months Ended June 30, 2013
Basic Earnings Per Share
Net income	$	45,283	$	52,423
Weighted average common shares outstanding		101,862		101,031
Basic Earnings Per Share	$	0.44	$	0.52
Diluted Earnings Per Share
Net income	$	45,283	$	52,423
Weighted average common shares outstanding		101,862		101,031
Effect of dilutive securities:
Restricted stock (1)		471		406
Stock options (2)		30		11
Weighted average shares outstanding		102,363		101,448
Diluted Earnings Per Share	$	0.44	$	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, 2014 and 2013, respectively, because the effect would be antidilutive. No 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, 2014 and 2013, respectively, because the effect would be antidilutive.

(2) Options to purchase 832 shares and 1,294 shares outstanding at June 30, 2014 and 2013, respectively, were excluded in the computation of net income per diluted share for the second quarter ended June 30, 2014 and 2013, 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 832 and 1,202 shares outstanding at June 30, 2014 and 2013, respectively, were excluded in the computation of net income per diluted share for the six months ended June 30, 2014 and 2013, 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.