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EARNINGS PER COMMON SHARE
 9 Months Ended
Sep. 30, 2013
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE

The following table sets forth the computation of basic and diluted earnings per share:
 
 
Three months ended
 
Nine months ended
 
 
September 30,
 
September 30,
(Dollars in thousands, except per share data)
 
2013
 
2012
 
2013
 
2012
Numerator
 
 
 
 
 
 
 
 
Net income available to common shareholders
 
$
14,911

 
$
16,242

 
$
44,564

 
$
51,038

 
 
 
 
 
 
 
 
 
Denominator
 
 
 
 
 
 
 
 
Basic earnings per common share - weighted average shares
 
57,201,390

 
57,976,943

 
57,309,934

 
57,902,102

Effect of dilutive securities —
 
 
 
 
 
 
 
 
Employee stock awards
 
698,194

 
842,833

 
725,862

 
905,210

Warrants
 
113,004

 
120,403

 
107,576

 
123,258

Diluted earnings per common share - adjusted weighted average shares
 
58,012,588

 
58,940,179

 
58,143,372

 
58,930,570

 
 
 
 
 
 
 
 
 
Earnings per share available to common shareholders
 
 

 
 

 
 
 
 
Basic
 
$
0.26

 
$
0.28

 
$
0.78

 
$
0.88

Diluted
 
$
0.26

 
$
0.28

 
$
0.77

 
$
0.87



Warrants to purchase 465,117 shares of the Company's common stock were outstanding as of September 30, 2013 and 2012. These warrants, each representing the right to purchase one share of common stock, no par value per share, have an exercise price of $12.12 and expire on December 23, 2018.

Stock options and warrants, where the exercise price was greater than the average market price of the common shares were not included in the computation of net income per diluted share as they would have been antidilutive.  These out-of-the-money options were 596,666 and 354,876 at September 30, 2013 and 2012, respectively.