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NET INCOME PER COMMON SHARE
 6 Months Ended
Jun. 30, 2015
NET INCOME PER COMMON SHARE [Abstract]  
NET INCOME PER COMMON SHARE
NOTE 3 ¾ NET INCOME PER COMMON SHARE
 
Basic net income per common share is computed by dividing net income, after deducting dividends paid or accrued on preferred stock and allocating earnings to equity awards deemed to be participating securities pursuant to the two-class method, by the weighted average number of shares of common stock outstanding, calculated excluding unvested stock awards.  Participating securities include any unvested equity awards that contain non-forfeitable rights to dividends prior to vesting.
 
Diluted net income per common share is computed by dividing the numerator used to compute basic net income per common share by the denominator used to compute basic net income per common share, further adjusted for the dilutive effect, if any, of equity awards and shares of preferred stock when and if convertible into shares of common stock.  Shares of the Company’s 7.50% Series E Cumulative Redeemable Preferred Stock are contingently convertible into shares of common stock only upon the occurrence of a change in control and therefore are not considered dilutive securities absent such an occurrence.  Any unvested equity awards that are deemed participating securities are included in the calculation of diluted net income per common share, if dilutive, under either the two-class method or the treasury stock method, depending upon which method produces the more dilutive result.

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

  
Quarter Ended
June 30
  
Six Months Ended
June 30
 
  
2015
  
2014
  
2015
  
2014
 
Basic net income per common share
        
Numerator for basic net income per common share:
        
Net income
 
$
24,944
  
$
36,564
  
$
58,901
  
$
74,955
 
Preferred stock dividends
  
(3,788
)
  
(3,449
)
  
(7,530
)
  
(6,687
)
Earnings participation of unvested equity awards
  
(33
)
  
(12
)
  
(67
)
  
(36
)
  
$
21,123
  
$
33,103
  
$
51,304
  
$
68,232
 
Denominator for basic net income per common share:
                
Weighted average common stock outstanding
  
95,805
   
95,767
   
95,815
   
95,772
 
Average unvested stock awards outstanding
  
(304
)
  
(368
)
  
(330
)
  
(398
)
   
95,501
   
95,399
   
95,485
   
95,374
 
  
$
0.22
  
$
0.35
  
$
0.54
  
$
0.72
 
Diluted net income per common share
                
Numerator for diluted net income per common share:
                
Numerator for basic net income per common share
 
$
21,123
  
$
33,103
  
$
51,304
  
$
68,232
 
                 
Denominator for diluted net income per common share:
                
Denominator for basic net income per common share
  
95,501
   
95,399
   
95,485
   
95,374
 
Net effect of dilutive equity awards
  
188
   
227
   
197
   
209
 
   
95,689
   
95,626
   
95,682
   
95,583
 
  
$
0.22
  
$
0.35
  
$
0.54
  
$
0.71