Earnings per Share

3 Months Ended

Mar. 31, 2014

Earnings per Share

Earnings per Share

8. Earnings per Share

The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts):

	Three Months Ended March 31,
	2014	2013
Net income	$17,004	$12,976
Less net income allocated to participating securities:
Nonforfeitable dividends on participating securities	(103)	(98)
Total net income allocated to participating securities	(103)	(98)
Less net income allocated to preferred stockholders:
Preferred stock dividends	(818)	(818)
Total net income allocated to preferred stockholders	(818)	(818)
Net income available to common stockholders	16,083	12,060
Effect of dilutive securities:
Convertible preferred securities	818	—
Net income for diluted net income per share	$16,901	$12,060
Shares for basic net income per share	34,586	30,365
Effect of dilutive securities:
Stock options	25	34
Convertible preferred securities	2,000	—
Shares for diluted net income per share	36,611	30,399
Basic net income per share	$0.47	$0.40
Diluted net income per share (1)	$0.46	$0.40

(1) For the three months ended March 31, 2014, the participating securities have been excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive.  For the three months ended March 31, 2013, the Series C Cumulative Convertible Preferred Stock and the participating securities have been excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive.