Earnings Per Common Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 3: Earnings Per Common Share

Earnings per share are calculated utilizing the two-class method. Basic earnings per share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding. Diluted earnings per share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of shares adjusted for the dilutive effect of common stock awards (outstanding stock options, unvested restricted stock, and outstanding stock warrants). Presented below are the calculations for basic and diluted earnings per common share.

		Three Months Ended March 31,
		2012		2011
		(In Thousands, except per share data)
Net income	$	42,633	$	22,853
Preferred stock dividends and discount accretion		(1,300)		(7,413)
Net income available to common equity	$	41,333	$	15,440
Common shareholder dividends		(8,683)		(1,732)
Unvested share-based payment awards		(40)		(9)
Undistributed earnings	$	32,610	$	13,699
Undistributed earnings allocated to common shareholders	$	32,455	$	13,622
Undistributed earnings allocated to unvested share-based payment awards		155		77
Undistributed earnings	$	32,610	$	13,699
Basic
Distributed earnings to common shareholders	$	8,683	$	1,732
Undistributed earnings allocated to common shareholders		32,455		13,622
Total common shareholders earnings, basic	$	41,138	$	15,354
Diluted
Distributed earnings to common shareholders	$	8,683	$	1,732
Undistributed earnings allocated to common shareholders		32,455		13,622
Total common shareholders earnings, diluted	$	41,138	$	15,354
Weighted average common shares outstanding		173,846		173,213
Effect of dilutive common stock awards		2		4
Diluted weighted average common shares outstanding		173,848		173,217
Basic earnings per common share	$	0.24	$	0.09
Diluted earnings per common share	$	0.24	$	0.09

Options to purchase approximately 6 million and5 million shares were outstanding at March 31, 2012 and March 31, 2011 respectively, but excluded from the calculation of diluted earnings per common share as the effect would have been anti-dilutive.