Net Income Per Share

9 Months Ended

Sep. 30, 2014

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 and nine months ended September 30, 2014 and 2013.

	Three Months Ended September 30,
	2014					2013
	Net Income		Weighted-Average Shares	Per Share Amount		Net Income			Weighted-Average Shares	Per Share Amount
Basic net income per share:	$	16,122				$	10,403
Less: Preferred Stock dividends and discount accretion						(430		)
Net income available to common stockholders	16,122		36,054,867	$	0.45	9,973			28,806,809	$	0.35
Effect of dilutive stock options and warrants			274,114						274,663
Diluted net income per share:
Net income available to common stockholders	$	16,122	36,328,981	$	0.45	$	9,973		29,081,472	$	0.35

	Nine Months Ended September 30,
	2014					2013
	Net Income		Weighted-Average Shares	Per Share Amount		Net Income			Weighted-Average Shares	Per Share Amount
Basic net income per share:	$	44,902				$	33,083
Less: Preferred Stock dividends and discount accretion						(2,139		)
Net income available to common stockholders	44,902		36,013,049	$	1.25	30,944			28,769,206	$	1.08
Effect of dilutive stock options and warrants			282,337						257,260
Diluted net income per share:
Net income available to common stockholders	$	44,902	36,295,386	$	1.24	$	30,944		29,026,466	$	1.07

Stock options to purchase 531,872 and 615,151 shares for the three months ended September 30, 2014, and 2013, respectively, were not included in the earnings per share calculation because the exercise price exceeded the average market price.

Stock options to purchase 569,061 and 667,382 shares for the nine months ended September 30, 2014 and 2013, respectively, were not included in the earnings per share calculation because the exercise price exceeded the average market price.