Stockholders' Equity and EPS

6 Months Ended

Jun. 30, 2019

Equity and Earnings Per Share [Abstract]

Accumulated Other Comprehensive Income

The following table summarizes the items reclassified out of accumulated other comprehensive income into the Consolidated Statements of Income (unaudited) for the three and six months ended June 30, 2019 and 2018:



		Three months ended June 30,					Six months ended June 30,
(Dollars in thousands)	Income Statement Location	2019			2018		2019			2018
Reclassification adjustment for losses on available-for-sale securities included in net income	Gains on investment securities, net	$	275		$	—	$	3,905		$	—
Related tax benefit	Income tax expense	(77		)	—		(1,087		)	—
Reclassification adjustment for losses on cash flow hedges included in net income	Net interest income	508			—		511			—
Related tax benefit	Income tax expense	(141		)	—		(142		)	—
Total reclassification adjustment for losses included in net income, net of tax		$	565		$	—	$	3,187		$	—

The table below summarizes the activity relating to net gains on our cash flow hedges included in accumulated other comprehensive income for the three and six months ended June 30, 2019 and 2018. Over the next 12 months, we expect that approximately $1.5 million in accumulated other comprehensive income ("AOCI") at June 30, 2019, related to our cash flow hedges will be reclassified out of AOCI and recognized in net income.



	Three months ended June 30,				Six months ended June 30,
(Dollars in thousands)	2019		2018		2019		2018
Beginning balance	$	797	$	—	$	—	$	—
Net increase in fair value, net of tax	12,664		—		13,459		—
Net realized loss reclassified to net income, net of tax	367		—		369		—
Ending balance	$	13,828	$	—	$	13,828	$	—

EPS

Basic EPS is the amount of earnings available to each share of common stock outstanding during the reporting period. Diluted EPS is the amount of earnings available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares. Potentially dilutive common shares include incremental shares issuable for stock options and restricted stock unit awards outstanding under our 2006 Equity Incentive Plan and our ESPP. Potentially dilutive common shares are excluded from the computation of dilutive EPS in periods in which the effect would be antidilutive. The following is a reconciliation of basic EPS to diluted EPS for the three and six months ended June 30, 2019 and 2018:



	Three months ended June 30,				Six months ended June 30,
(Dollars and shares in thousands, except per share amounts)	2019		2018		2019		2018
Numerator:
Net income available to common stockholders	$	317,987	$	237,798	$	606,719	$	432,759
Denominator:
Weighted average common shares outstanding—basic	51,955		53,064		52,269		52,974
Weighted average effect of dilutive securities:
Stock options and ESPP	235		400		254		408
Restricted stock units and awards	146		312		192		350
Weighted average common shares outstanding—diluted	52,336		53,776		52,715		53,732
Earnings per common share:
Basic	$	6.12	$	4.48	$	11.61	$	8.17
Diluted	6.08		4.42		11.51		8.05

The following table summarizes the weighted-average common shares excluded from the diluted EPS calculation due to the antidilutive effect for the three and six months ended June 30, 2019 and 2018:



	Three months ended June 30,		Six months ended June 30,
(Shares in thousands)	2019	2018	2019	2018
Stock options	166	58	128	33
Restricted stock units	333	113	228	59
Total	499	171	356	92

Stock Repurchase Program

On November 13, 2018, the Company announced a new program to repurchase up to $500 million of our outstanding common stock (the "Stock Repurchase Program"). For the three months ended June 30, 2019, we repurchased 1.0 million shares of our outstanding common stock for $230.8 million under the Stock Repurchase Program. As of June 30, 2019, we had repurchased 2.2 million shares of our outstanding common stock for $493.9 million under the Stock Repurchase Program.