NET INCOME PER COMMON SHARE (Tables)

9 Months Ended

Sep. 30, 2014

NET INCOME PER COMMON SHARE [Abstract]

Components of Computation of Basic and Diluted Net Income Per Common Share

Components of the computation of basic and diluted net income per common share for the indicated periods were as follows (dollars in thousands, except per share amounts):

	Quarter Ended September 30						Nine Months Ended September 30
	2014			2013			2014			2013
Basic net income per common share
Numerator for basic net income per common share:
Net income	$	32,391		$	24,702		$	107,346		$	89,514
Redemption premiums paid on Series A and Series B preferred shares*		–			–			–			(19,924	)
Preferred share dividends		(3,529	)		(3,188	)		(10,216	)		(14,325	)
Earnings participation of unvested stock awards		(24	)		(32	)		(58	)		(96	)
	$	28,838		$	21,482		$	97,072		$	55,169
Denominator for basic net income per common share:
Weighted average common shares outstanding		95,793			95,761			95,779			95,647
Average unvested stock awards outstanding		(388	)		(493	)		(395	)		(508	)
		95,405			95,268			95,384			95,139
	$	0.30		$	0.23		$	1.02		$	0.58
Diluted net income per common share
Numerator for diluted net income per common share:
Net income available to common stockholders	$	28,838		$	21,482		$	97,072		$	55,169
Dividends on dilutive convertible preferred shares		–			–			–			44
	$	28,838		$	21,482		$	97,072		$	55,213
Denominator for diluted net income per common share:
Basic weighted average common shares outstanding		95,405			95,268			95,384			95,139
Net effect of dilutive equity awards		272			148			230			133
Net effect of dilutive convertible preferred shares		–			–			–			101
		95,677			95,416			95,614			95,373
	$	0.30		$	0.23		$	1.02		$	0.58

Potentially Dilutive Securities Excluded from Computation of Net Income Per Common Share

Potentially dilutive securities excluded from the computation of net income per share because the effect of inclusion was antidilutive were as follows (in thousands):

	Quarter Ended September 30				Nine Months Ended September 30
	2014		2013		2014		2013
Antidilutive convertible preferred shares*		–		–		–		16,539
Antidilutive equity awards excludable under the treasury stock method		–		35		–		35

* The Series A and Series B preferred shares were redeemed in June 2013 (See NOTE 9).