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Earnings Per Common Share
 6 Months Ended
Jun. 30, 2011
Earnings Per Common Share  
Earnings Per Common Share

3. Earnings per Common Share

Basic Earnings per Share ("EPS") is computed by dividing income applicable to common shareholders by the weighted average number of common shares outstanding for the period. Common shares outstanding include common stock and vested restricted stock awards where recipients have satisfied the vesting terms. Diluted EPS reflects the assumed conversion of all dilutive securities, applying the treasury stock method. The Company calculates earnings per share using the two-class method as described in the Earnings per Share topic of the FASB Accounting Standards Codification ("ASC"). The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2011 and 2010:

 

     Three Months Ended
June 30,		     Six Months Ended
June 30,		  

(in thousands except per share)

   2011     2010     2011     2010  

Basic EPS:

         

Net income

    $ 8,632      $ 5,056      $ 14,411      $ 12,972   

Less: Preferred dividends and accretion of issuance discount for preferred stock

      0        (1,110 )      0        (2,217 ) 
                                

Net income applicable to common shareholders

    $ 8,632      $ 3,946      $ 14,411      $ 10,755   

Less: Earnings allocated to participating securities

      (82 )      (38 )      (135 )      (109 ) 
                                

Earnings allocated to common shareholders

    $ 8,550      $ 3,908      $ 14,276      $ 10,646   
                                

Weighted average common shares outstanding

      39,107        34,829        39,073        31,376   

Basic earnings per common share

    $ 0.22      $ 0.11      $ 0.37      $ 0.34   
                                

Diluted EPS:

         

Earnings allocated to common shareholders

    $ 8,550      $ 3,908      $ 14,276      $ 10,646   
                                

Weighted average common shares outstanding

      39,107        34,829        39,073        31,376   

Dilutive effect of equity awards and warrants

      59        248        86        231   
                                

Weighted average diluted common shares outstanding

      39,166        35,077        39,159        31,607   
                                

Diluted earnings per common share

    $ 0.22      $ 0.11      $ 0.36      $ 0.34   
                                

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

      62        54        54        54