Earnings per Share

9 Months Ended

Sep. 30, 2015

Net Income Per Common Share

Net Income Per Common Share

9.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				Nine Months Ended
	September 30,				September 30,
	2015		2014		2015		2014
Net income	$	19,647	$	17,122	$	55,127	$	52,399
Less net income allocated to participating securities:
Non-forfeitable dividends on participating securities		(117)		(123)		(366)		(343)
Income allocated to participating securities		(4)		—		(4)		—
Total net income allocated to participating securities		(121)		(123)		(370)		(343)
Less net income allocated to preferred stockholders:
Preferred stock dividends		(818)		(818)		(2,454)		(2,454)
Total net income allocated to preferred stockholders		(818)		(818)		(2,454)		(2,454)
Net income available to common stockholders		18,708		16,181		52,303		49,602
Effect of dilutive securities:
Convertible preferred securities		818		818		2,454		2,454
Total effect of dilutive securities		818		818		2,454		2,454
Net income for diluted net income per share	$	19,526	$	16,999	$	54,757	$	52,056
Shares for basic net income per share		35,341		34,605		35,306		34,596
Effect of dilutive securities:
Stock options		11		24		13		24
Convertible preferred securities		2,000		2,000		2,000		2,000
Total effect of dilutive securities		2,011		2,024		2,013		2,024
Shares for diluted net income per share		37,352		36,629		37,319		36,620
Basic net income per share	$	0.53	$	0.47	$	1.48	$	1.43
Diluted net income per share	$	0.52	$	0.46	$	1.47	$	1.42