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Earnings per Common Share
 6 Months Ended
Jun. 30, 2012
Earnings Per Share [Abstract]  
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 ASC.
The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2012 and 2011:
 
 
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
2012
 
2011
 
2012
 
2011
 
 
(in thousands except per share)
Basic EPS:
 
 
 
 
 
 
 
 
Net income
 
$
11,899

 
$
8,632

 
$
20,801

 
$
14,411

Less: Earnings allocated to participating securities
 
(122
)
 
(82
)
 
(223
)
 
(135
)
Earnings allocated to common shareholders
 
$
11,777

 
$
8,550

 
$
20,578

 
$
14,276

Weighted average common shares outstanding
 
39,260

 
39,107

 
39,228

 
39,073

Basic earnings per common share
 
$
0.30

 
$
0.22

 
$
0.52

 
$
0.37

Diluted EPS:
 
 
 
 
 
 
 
 
Earnings allocated to common shareholders
 
$
11,777

 
$
8,550

 
$
20,578

 
$
14,276

Weighted average common shares outstanding
 
39,260

 
39,107

 
39,228

 
39,073

Dilutive effect of equity awards
 
48

 
59

 
78

 
86

Weighted average diluted common shares outstanding
 
39,308

 
39,166

 
39,306

 
39,159

Diluted earnings per common share
 
$
0.30

 
$
0.22

 
$
0.52

 
$
0.36

Potentially dilutive share options that were not included in the computation of diluted EPS because to do so would be anti-dilutive
 
46

 
62

 
46

 
54