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NET INCOME PER COMMON SHARE
 9 Months Ended
Sep. 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 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
September 30
  
Nine Months Ended
September 30
 
  
2015
  
2014
  
2015
  
2014
 
Basic net income per common share
        
Numerator for basic net income per common share:
        
Net income
 
$
21,067
  
$
32,391
  
$
79,968
  
$
107,346
 
Preferred stock dividends
  
(3,809
)
  
(3,529
)
  
(11,339
)
  
(10,216
)
Earnings participation of unvested equity awards
  
(28
)
  
(24
)
  
(95
)
  
(58
)
  
$
17,230
  
$
28,838
  
$
68,534
  
$
97,072
 
Denominator for basic net income per common share:
                
Weighted average common stock outstanding
  
95,814
   
95,793
   
95,814
   
95,779
 
Average unvested stock awards outstanding
  
(284
)
  
(388
)
  
(314
)
  
(395
)
   
95,530
   
95,405
   
95,500
   
95,384
 
  
$
0.18
  
$
0.30
  
$
0.72
  
$
1.02
 
Diluted net income per common share
                
Numerator for diluted net income per common share:
                
Numerator for basic net income per common share
 
$
17,230
  
$
28,838
  
$
68,534
  
$
97,072
 
Denominator for diluted net income per common share:
                
Denominator for basic net income per common share
  
95,530
   
95,405
   
95,500
   
95,384
 
Net effect of dilutive equity awards
  
191
   
272
   
195
   
230
 
   
95,721
   
95,677
   
95,695
   
95,614
 
  
$
0.18
  
$
0.30
  
$
0.72
  
$
1.02