Earnings per Common Share

3 Months Ended

Mar. 31, 2014

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 issues restricted shares under share-based compensation plans and preferred shares which qualify as participating securities.

The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2014 and 2013:

	Three Months Ended
	March 31,
	2014		2013
	(in thousands except per share)
Basic EPS:
Net income	$	19,844	$	12,176
Less: Earnings allocated to participating securities
Preferred shares	40		—
Nonvested restricted shares	169		123
Earnings allocated to common shareholders	$	19,635	$	12,053
Weighted average common shares outstanding	51,097		39,348
Basic earnings per common share	$	0.38	$	0.31
Diluted EPS:
Earnings allocated to common shareholders	$	19,639	$	12,053
Weighted average common shares outstanding	51,097		39,348
Dilutive effect of equity awards	1,336		3
Weighted average diluted common shares outstanding	52,433		39,351
Diluted earnings per common share	$	0.37	$	0.31
Potentially dilutive share options that were not included in the computation of diluted EPS because to do so would be anti-dilutive	83		9