Net Income Per Share

6 Months Ended

Jun. 30, 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 June 30, 2013 and 2012.

	Three Months Ended June 30,
	2013						2012
	Net Income			Weighted-Average Shares	Per Share Amount		Net Income			Weighted-Average Shares	Per Share Amount
Basic net income per share:	$	10,815					$	9,205
Less: Preferred Stock dividends and discount accretion	(852		)				(1,135		)
Net income available to common stockholders	9,963			28,783,407	$	0.35	8,070			28,624,609	$	0.28
Effect of dilutive stock options and warrants				240,106						190,410
Diluted net income per share:
Net income available to common stockholders	$	9,963		29,023,513	$	0.34	$	8,070		28,815,019	$	0.28

The following table reconciles basic and diluted net income per share for the six months ended June 30, 2013 and 2012 .

	Six Months Ended June 30,
	2013						2012
	Net Income			Weighted-Average Shares	Per Share Amount		Net Income			Weighted-Average Shares	Per Share Amount
Basic net income per share:	$	22,680					$	23,576
Less: Preferred Stock dividends and discount accretion	(1,709		)				(2,270		)
Net income available to common stockholders	20,971			28,750,197	$	0.73	21,306			28,603,612	$	0.74
Effect of dilutive stock options and warrants				246,577						178,430
Diluted net income per share:
Net income available to common stockholders	$	20,971		28,996,774	$	0.72	$	21,306		28,782,042	$	0.74

Stock options to purchase 695,868 and 890,642 shares for the three months ended June 30, 2013, and 2012, respectively, were not included in the earnings per share calculation because the exercise price exceeded the average market price.

Stock options to purchase 693,930 and 881,661 shares for the six months ended June 30, 2013, and 2012, respectively, were not included in the earnings per share calculation because the exercise price exceeded the average market price.