Earnings per Common Share

6 Months Ended

Jun. 30, 2015

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, 2015 and 2014:



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2015		2014		2015		2014
	(in thousands except per share)
Basic EPS:
Net income	$	21,946	$	21,227	$	46,307	$	41,071
Less: Earnings allocated to participating securities:
Preferred Shares	39		41		82		79
Nonvested restricted shares	248		206		475		378
Earnings allocated to common shareholders	$	21,659	$	20,980	$	45,750	$	40,614
Weighted average common shares outstanding	57,055		52,088		56,999		51,600
Basic earnings per common share	$	0.38	$	0.40	$	0.80	$	0.79
Diluted EPS:
Earnings allocated to common shareholders (1)	$	21,659	$	20,981	$	45,750	$	40,617
Weighted average common shares outstanding	57,055		52,088		56,999		51,600
Dilutive effect of equity awards	14		406		13		863
Weighted average diluted common shares outstanding	57,069		52,494		57,012		52,463
Diluted earnings per common share	$	0.38	$	0.40	$	0.80	$	0.77
Potentially dilutive share options that were not included in the computation of diluted EPS because to do so would be anti-dilutive	37		63		45		73

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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.