Earnings per Common Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings per Common Share

The Company applies the two-class method of computing basic and diluted EPS. Under the two-class method, EPS is determined for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. The Company grants restricted shares under share-based compensation plans that qualify as participating securities.

The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2013 and 2012:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2013		2012		2013		2012
	(in thousands except per share)
Basic EPS:
Net income	$	14,591	$	11,899	$	26,767	$	20,801
Less: Earnings allocated to participating securities
Preferred shares	29		—		30		—
Nonvested restricted shares	124		122		244		223
Earnings allocated to common shareholders	$	14,438	$	11,777	$	26,493	$	20,578
Weighted average common shares outstanding	50,788		39,260		45,099		39,228
Basic earnings per common share	$	0.28	$	0.30	$	0.59	$	0.52
Diluted EPS:
Earnings allocated to common shareholders	$	14,441	$	11,777	$	26,495	$	20,578
Weighted average common shares outstanding	50,788		39,260		45,099		39,228
Dilutive effect of equity awards	1,337		48		659		78
Weighted average diluted common shares outstanding	52,125		39,308		45,758		39,306
Diluted earnings per common share	$	0.28	$	0.30	$	0.58	$	0.52
Potentially dilutive share options that were not included in the computation of diluted EPS because to do so would be anti-dilutive	143		46		76		46