EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 30, 2014

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)	2014		2013		2014		2013
Numerator
Net income available to common shareholders	$	15,344	$	14,911	$	46,401	$	44,564
Denominator
Basic earnings per common share - weighted average shares	59,403,109		57,201,390		57,907,203		57,309,934
Effect of dilutive securities —
Employee stock awards	576,543		698,194		594,082		725,862
Warrants	133,280		113,004		138,109		107,576
Diluted earnings per common share - adjusted weighted average shares	60,112,932		58,012,588		58,639,394		58,143,372
Earnings per share available to common shareholders
Basic	$	0.26	$	0.26	$	0.80	$	0.78
Diluted	$	0.26	$	0.26	$	0.79	$	0.77

Warrants to purchase 465,117 shares of the Company's common stock were outstanding as of September 30, 2014 and 2013. 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 378,017 and 596,666 at September 30, 2014 and 2013, respectively.  

During the second quarter of 2014, the Company received shareholder authorization to issue up to 10,000,000 preferred shares. As of September 30, 2014, no preferred shares were issued or outstanding.