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Earnings per Common Share
9 Months Ended
Sep. 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 nine months ended September 30, 2014 and 2013:
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
2014
 
2013
 
2014
 
2013
 
 
(in thousands except per share)
Basic EPS:
 
 
 
 
 
 
 
 
Net income
 
$
21,583

 
$
13,276

 
$
62,654

 
$
40,043

Less: Earnings allocated to participating securities
 
 
 
 
 
 
 
 
Preferred shares
 
42

 
27

 
121

 
58

Nonvested restricted shares
 
216

 
109

 
598

 
355

Earnings allocated to common shareholders
 
$
21,325

 
$
13,140

 
$
61,935

 
$
39,630

Weighted average common shares outstanding
 
52,112

 
50,834

 
51,772

 
47,032

Basic earnings per common share
 
$
0.41

 
$
0.26

 
$
1.20

 
$
0.84

Diluted EPS:
 
 
 
 
 
 
 
 
Earnings allocated to common shareholders (1)
 
$
21,325

 
$
13,142

 
$
61,940

 
$
39,635

Weighted average common shares outstanding
 
52,112

 
50,834

 
51,772

 
47,032

Dilutive effect of equity awards
 
404

 
1,463

 
707

 
915

Weighted average diluted common shares outstanding
 
52,516

 
52,297

 
52,479

 
47,947

Diluted earnings per common share
 
$
0.41

 
$
0.25

 
$
1.18

 
$
0.83

Potentially dilutive share options that were not included in the computation of diluted EPS because to do so would be anti-dilutive
 
58

 
138

 
67

 
99


__________
(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.