Net income per common share

9 Months Ended

Sep. 30, 2012

Notes to Financial Statements [Abstract]

Earnings Per Share Text Block

Note 24 – Net income per common share

The following table sets forth the computation of net income per common share (“EPS”), basic and diluted, for the quarters and nine months ended September 30,2012and 2011:

		Quarter ended September 30,				Nine months ended September 30,
(In thousands, except per share information)		2012		2011		2012		2011
Net income		$	47,188	$	27,533	$	161,335	$	148,350
Preferred stock dividends			(931)		(931)		(2,792)		(2,792)
Net income applicable to common stock		$	46,257	$	26,602	$	158,543	$	145,558
Average common shares outstanding			102,451,410		102,166,004		102,363,099		102,147,450
Average potential dilutive common shares			33,550		-		182,375		104,270
Average common shares outstanding -
	assuming dilution		102,484,960		102,166,004		102,545,474		102,251,720
Basic and dilutive EPS		$	0.45	$	0.26	$	1.55	$	1.42

Potential common shares consist of common stock issuable under the assumed exercise of stock options and restricted stock awards using the treasury stock method. This method assumes that the potential common shares are issued and the proceeds from exercise, in addition to the amount of compensation cost attributed to future services, are used to purchase common stock at the exercise date. The difference between the number of potential shares issued and the shares purchased is added as incremental shares to the actual number of shares outstanding to compute diluted earnings per share. Warrants, stock options, and restricted stock awards that result in lower potential shares issued than shares purchased under the treasury stock method are not included in the computation of dilutive earnings per share since their inclusion would have an antidilutive effect in earnings per common share.

For the quarter and nine months ended September 30,2012, there were 164,195and 166,810weighted average antidilutive stock options outstanding, respectively (September 30,2011– 207,813 and 210,077).Additionally, the Corporation has outstanding a warrant issued to the U.S. Treasury to purchase 2,093,284 shares of common stock, which hadan antidilutive effect at September 30,2012.