Earnings Per Common Share

9 Months Ended

Sep. 30, 2011

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