Earnings per Common Share

9 Months Ended

Sep. 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. Additionally, the Company issued preferred shares in the West Coast acquisition that also qualify as participating securities.

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2013		2012		2013		2012
	(in thousands except per share)
Basic EPS:
Net income	$	13,276	$	11,880	$	40,043	$	32,681
Less: Earnings allocated to participating securities
Preferred shares	27		—		58		—
Nonvested restricted shares	109		113		355		336
Earnings allocated to common shareholders	$	13,140	$	11,767	$	39,630	$	32,345
Weighted average common shares outstanding	50,834		39,289		47,032		39,248
Basic earnings per common share	$	0.26	$	0.30	$	0.84	$	0.82
Diluted EPS:
Earnings allocated to common shareholders	$	13,142	$	11,767	$	39,635	$	32,345
Weighted average common shares outstanding	50,834		39,289		47,032		39,248
Dilutive effect of equity awards	1,463		2		915		3
Weighted average diluted common shares outstanding	52,297		39,291		47,947		39,251
Diluted earnings per common share	$	0.25	$	0.30	$	0.83	$	0.82
Potentially dilutive share options that were not included in the computation of diluted EPS because to do so would be anti-dilutive	138		53		99		46