Earnings per Common Share (Tables)

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

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

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(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.