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Earnings Per Common Share
 9 Months Ended
Sep. 30, 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.

 

  For the Three Months Ended  For the Nine Months Ended
  September 30,  September 30,
  2012  2011  2012  2011
  (In Thousands, except per share data)
Net income$ 46,395 $ 41,339 $ 132,345 $ 98,574
Preferred stock dividends and discount accretion  (1,300)   (7,305)   (3,900)   (23,530)
Net income available to common equity$ 45,095 $ 34,034 $ 128,445 $ 75,044
Common shareholder dividends  (8,594)   (1,734)   (25,893)   (5,200)
Unvested share-based payment awards  (36)   (11)   (116)   (31)
Undistributed earnings$ 36,465 $ 32,289 $ 102,436 $ 69,813
            
Undistributed earnings allocated to common shareholders  36,311   32,087   101,975   69,382
Undistributed earnings allocated to unvested share-based payment awards  154   202   461   431
Undistributed earnings$ 36,465 $ 32,289 $ 102,436 $ 69,813
            
Basic           
Distributed earnings to common shareholders$ 8,594 $ 1,734 $ 25,893 $ 5,200
Undistributed earnings allocated to common shareholders  36,311   32,087   101,975   69,382
Total common shareholders earnings, basic$ 44,905 $ 33,821 $ 127,868 $ 74,582
            
Diluted           
Distributed earnings to common shareholders$ 8,594 $ 1,734 $ 25,893 $ 5,200
Undistributed earnings allocated to common shareholders  36,311   32,087   101,975   69,382
Total common shareholders earnings, diluted$ 44,905 $ 33,821 $ 127,868 $ 74,582
            
Weighted average common shares outstanding  171,650   173,418   172,774   173,319
Effect of dilutive common stock awards  130   -   74   2
Diluted weighted average common shares outstanding  171,780   173,418   172,848   173,321
            
Basic earnings per common share$ 0.26 $ 0.20 $ 0.74 $ 0.43
Diluted earnings per common share$ 0.26 $ 0.20 $ 0.74 $ 0.43

Options to purchase approximately 9 million and 6 million shares were outstanding for the three and nine months ended September 30, 2012, respectively, but excluded from the calculation of diluted earnings per common share as the effect would have been anti-dilutive. Options to purchase approximately 7 million shares were outstanding for the three and nine months ended September 30, 2011, but excluded from the calculation of diluted earnings per common share as the effect would have been anti-dilutive.