Year Ended December 31,

2014

2013

2012

(Dollars in thousands, except per share amounts)

Numerator

Net income

$

63,143

$

314,385

$

62,699

Less: distributed earnings allocated to participating securities

(196

)

-

(1,101

)

Less: undistributed earnings allocated to participating securities

(60

)

(4,917

)

-

Net income attributable to common stockholders (numerator for basic earnings per share)

62,887

309,468

61,598

Add back: undistributed earnings allocated to participating securities

60

4,917

-

Less: undistributed earnings reallocated to participating securities

(60

)

(4,879

)

-

Numerator for diluted earnings per share under two class method

$

62,887

$

309,506

$

61,598

Denominator

Weighted-average common shares outstanding

48,615,541

48,453,119

47,660,629

Add: dilutive effect of stock options

202,025

378,666

173,527

Denominator for diluted earnings per share under two class method

48,817,566

48,831,785

47,834,156

Basic Earnings Per Common Share

$

1.29

$

6.39

$

1.29

Diluted Earnings Per Common Share

$

1.29

$

6.34

$

1.29