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Net Income Per Share
 3 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
Net Income Per Share
Net Income Per Share
 
Basic net income per share is computed by dividing net income by the weighted-average shares outstanding during the reporting period. Diluted net income per share is computed by dividing net income by the combination of all dilutive common share equivalents, comprised of shares issuable under the Corporation’s share-based compensation plans, and the weighted-average shares outstanding during the reporting period.

Dilutive common share equivalents include the dilutive effect of in-the-money share-based awards, which are calculated based on the average share price for each period using the treasury stock method. Under the treasury stock method, the exercise price of share-based awards, the amount of compensation expense, if any, for future service that the Corporation has not yet recognized, and the amount of estimated tax benefits that would be recorded in additional paid-in capital when share-based awards are exercised, are assumed to be used to repurchase common stock in the current period.
 
The following table reconciles basic and diluted net income per share for the three months ended March 31, 2013 and 2012.
 
Three Months Ended March 31,
 
2013

2012
 
Net Income

Weighted-Average Shares

Per Share
Amount

Net Income

Weighted-Average Shares

Per Share
Amount
Basic net income per share:
$
11,865


 

 

$
14,371


 

 
Less: Preferred Stock dividends and discount accretion
(857
)

 

 

(1,135
)

 

 
Net income available to common stockholders
11,008


28,716,987


$
0.38


13,236


28,582,616


$
0.46

Effect of dilutive stock options and warrants



254,251


 




172,097


 
Diluted net income per share:
 

 

 

 

 

 
Net income available to common stockholders
$
11,008


28,971,238


$
0.38


$
13,236


28,754,713


$
0.46


 
Stock options to purchase 698,718 and 967,987 shares for the three months ended March 31, 2013, and 2012, respectively, were not included in the earnings per share calculation because the exercise price exceeded the average market price.