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Earnings per Common Share
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2014 and 2013:
 
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
2014
 
2013
 
2014
 
2013
 
 
(in thousands except per share)
Basic EPS:
 
 
 
 
 
 
 
 
Net income
 
$
21,227

 
$
14,591

 
$
41,071

 
$
26,767

Less: Earnings allocated to participating securities
 
 
 
 
 
 
 
 
Preferred shares
 
41

 
29

 
79

 
30

Nonvested restricted shares
 
206

 
124

 
378

 
244

Earnings allocated to common shareholders
 
$
20,980

 
$
14,438

 
$
40,614

 
$
26,493

Weighted average common shares outstanding
 
52,088

 
50,788

 
51,600

 
45,099

Basic earnings per common share
 
$
0.40

 
$
0.28

 
$
0.79

 
$
0.59

Diluted EPS:
 
 
 
 
 
 
 
 
Earnings allocated to common shareholders (1)
 
$
20,981

 
$
14,441

 
$
40,617

 
$
26,495

Weighted average common shares outstanding
 
52,088

 
50,788

 
51,600

 
45,099

Dilutive effect of equity awards
 
406

 
1,337

 
863

 
659

Weighted average diluted common shares outstanding
 
52,494

 
52,125

 
52,463

 
45,758

Diluted earnings per common share
 
$
0.40

 
$
0.28

 
$
0.77

 
$
0.58

Potentially dilutive share options that were not included in the computation of diluted EPS because to do so would be anti-dilutive
 
63

 
143

 
73

 
76


__________
(1)
Earnings allocated to common shareholders for basic and diluted EPS may differ under the two-class method as a result of adding common stock equivalents for options and warrants to dilutive shares outstanding, which alters the ratio used to allocate earnings to common shareholders and participating securities for the purposes of calculating diluted EPS.