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NET INCOME PER COMMON SHARE (Tables)
 3 Months Ended
Mar. 31, 2017
Earnings Per 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 were as follows for the indicated periods (dollars in thousands, except per share amounts):

 

 

 

Quarter Ended March 31

 

 

 

2017

 

 

2016

 

Basic net income per common share

 

 

 

 

 

 

 

 

Numerator for basic net income per common

   share:

 

 

 

 

 

 

 

 

Net income

 

$

22,701

 

 

$

27,353

 

Preferred stock dividends

 

 

(3,864

)

 

 

(3,826

)

Earnings participation of unvested equity awards

 

 

(40

)

 

 

(44

)

 

 

$

18,797

 

 

$

23,483

 

Denominator for basic net income per common share:

 

 

 

 

 

 

 

 

Average number of shares of common stock outstanding

 

 

96,061

 

 

 

95,913

 

Average unvested stock awards outstanding

 

 

(306

)

 

 

(299

)

 

 

 

95,755

 

 

 

95,614

 

 

 

$

0.20

 

 

$

0.25

 

 

 

 

 

 

 

 

 

 

Diluted net income per common share

 

 

 

 

 

 

 

 

Numerator for diluted net income per common share:

 

 

 

 

 

 

 

 

Numerator for basic net income per common share

 

$

18,797

 

 

$

23,483

 

 

 

 

 

 

 

 

 

 

Denominator for diluted net income per common share:

 

 

 

 

 

 

 

 

Denominator for basic net income per common share

 

 

95,755

 

 

 

95,614

 

Net effect of dilutive equity awards

 

 

120

 

 

 

131

 

 

 

 

95,875

 

 

 

95,745

 

 

 

$

0.20

 

 

$

0.25