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Earnings per Common Share
 9 Months Ended
Sep. 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 nine months ended September 30, 2012 and 2011:
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
2012
 
2011
 
2012
 
2011
 
 
(in thousands except per share)
Basic EPS:
 
 
 
 
 
 
 
 
Net income
 
$
11,880

 
$
18,872

 
$
32,681

 
$
33,283

Less: Earnings allocated to participating securities
 
(113
)
 
(177
)
 
(336
)
 
(311
)
Earnings allocated to common shareholders
 
$
11,767

 
$
18,695

 
$
32,345

 
$
32,972

Weighted average common shares outstanding
 
39,289

 
39,131

 
39,248

 
39,092

Basic earnings per common share
 
$
0.30

 
$
0.48

 
$
0.82

 
$
0.84

Diluted EPS:
 
 
 
 
 
 
 
 
Earnings allocated to common shareholders
 
$
11,767

 
$
18,695

 
$
32,345

 
$
32,972

Weighted average common shares outstanding
 
39,289

 
39,131

 
39,248

 
39,092

Dilutive effect of equity awards
 
2

 
61

 
3

 
75

Weighted average diluted common shares outstanding
 
39,291

 
39,192

 
39,251

 
39,167

Diluted earnings per common share
 
$
0.30

 
$
0.48

 
$
0.82

 
$
0.84

Potentially dilutive share options that were not included in the computation of diluted EPS because to do so would be anti-dilutive
 
53

 
75

 
46

 
62