| Earnings Per Common Share | Earnings per Common Share Basic Earnings per Share (“EPS”) is computed by dividing income applicable to common shareholders by the weighted average number of common shares outstanding for the period. Common shares outstanding include common stock and vested restricted stock awards where recipients have satisfied the vesting terms. Diluted EPS reflects the assumed conversion of all dilutive securities, applying the treasury stock method. The Company calculates earnings per share using the two-class method as described in the Earnings per Share topic of the FASB Accounting Standards Codification (“ASC”). The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2011 and 2010: | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30, | | September 30, | (in thousands except per share) | | 2011 | | 2010 | | 2011 | | 2010 | Basic EPS: | | | | | | | | | Net income | | $ | 18,872 |
| | $ | 5,204 |
| | $ | 33,283 |
| | $ | 18,176 |
| Less: Preferred dividends and accretion of issuance discount for preferred stock | | — |
| | (2,730) |
| | — |
| | (4,947) |
| Net income applicable to common shareholders | | $ | 18,872 |
| | $ | 2,474 |
| | $ | 33,283 |
| | $ | 13,229 |
| Less: Earnings allocated to participating securities | | (177) |
| | (22) |
| | (311) |
| | (127) |
| Earnings allocated to common shareholders | | $ | 18,695 |
| | $ | 2,452 |
| | $ | 32,972 |
| | $ | 13,102 |
| Weighted average common shares outstanding | | 39,131 |
| | 38,976 |
| | 39,092 |
| | 33,938 |
| Basic earnings per common share | | $ | 0.48 |
| | $ | 0.06 |
| | $ | 0.84 |
| | $ | 0.39 |
| Diluted EPS: | | | | | | | | | Earnings allocated to common shareholders | | $ | 18,695 |
| | $ | 2,452 |
| | $ | 32,972 |
| | $ | 13,102 |
| Weighted average common shares outstanding | | 39,131 |
| | 38,976 |
| | 39,092 |
| | 33,938 |
| Dilutive effect of equity awards and warrants | | 61 |
| | 161 |
| | 75 |
| | 204 |
| Weighted average diluted common shares outstanding | | 39,192 |
| | 39,137 |
| | 39,167 |
| | 34,142 |
| Diluted earnings per common share | | $ | 0.48 |
| | $ | 0.06 |
| | $ | 0.84 |
| | $ | 0.38 |
| Potentially dilutive share options that were not included in the computation of diluted EPS because to do so would be anti-dilutive. | | 75 |
| | 62 |
| | 62 |
| | 54 |
|
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