EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 2012

EARNINGS PER COMMON SHARE

12. EARNINGS PER COMMON SHARE

Basic and Diluted Earnings per Common Share

(Amounts in thousands, except per share data)

	Quarters Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
Basic earnings per common share
Net income attributable to controlling interests	$	17,504	$	8,960	$	31,759	$	19,862
Preferred dividends and discount accretion of preferred stock		3,442		3,419		6,878		6,834
Net income available to common stockholders		14,062		5,541		24,881		13,028
Earnings allocated to participating stockholders(1)		263		75		430		144
Earnings allocated to common stockholders	$	13,799	$	5,466	$	24,451	$	12,884
Weighted-average common shares outstanding		70,956		70,428		70,868		70,388
Basic earnings per common share	$	0.19	$	0.08	$	0.35	$	0.18
Diluted earnings per common share
Earnings allocated to common stockholders (2)	$	13,799	$	5,466	$	24,450	$	12,883
Weighted-average common shares outstanding:
Weighted-average common shares outstanding		70,956		70,428		70,868		70,388
Dilutive effect of stock awards (3)		191		235		173		214
Weighted-average diluted common shares outstanding		71,147		70,663		71,041		70,602
Diluted earnings per common share	$	0.19	$	0.08	$	0.34	$	0.18

⁽¹⁾  Participating stockholders are those that hold unvested shares or units that contain nonforfeitable rights to dividends or dividend equivalents. Such shares or units are considered participating securities (i.e., the Company’s deferred stock units and nonvested restricted stock awards and restricted stock units, excluding certain awards with forfeitable rights to dividends).

⁽²⁾  Earnings allocated to common stockholders for basic and diluted earnings per share 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 stockholders and participating securities for the purposes of calculating diluted earnings per share.

⁽³⁾  The following table presents outstanding non-participating securities that were not included in the computation of diluted earnings per common share because their inclusion would have been antidilutive for the periods presented.

	Quarters Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
Stock options		3,834		3,626		3,854		3,620
Unvested stock/unit awards		78		175		82		216
Warrant related to the U.S. Treasury Capital Purchase Program		645		645		645		645