Earnings Per Share

9 Months Ended

Sep. 30, 2016

Earnings Per Share [Abstract]

Earnings Per Share

10. Earnings Per Share

Basic earnings per share (“EPS”) is based on the weighted average number of common shares outstanding for the period, excluding any dilutive common share equivalents. Diluted EPS reflects the potential dilution resulting from the exercise of stock options, vesting of restricted stock and conversion of preferred stock.

The following table reconciles the numerator (i.e., income) and denominator (i.e., shares) of the basic and diluted earnings per share computations for the periods presented (in thousands, except per share data):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2016			2015			2016			2015
Numerator for EPS:
Net income	$	26,882		$	30,298		$	85,756		$	77,332
Less: Preferred stock dividends		(3	)		(3	)		(8	)		(8	)
Income available to common stockholders	$	26,879		$	30,295		$	85,748		$	77,324
Denominator for EPS:
Weighted average common shares outstanding		35,042			34,911			34,878			34,837
Plus: Assumed conversion of stock-based compensation (1)		656			1,063			691			1,050
Assumed conversion of preferred stock		25			25			25			31
Weighted average diluted common shares outstanding		35,723			35,999			35,594			35,918
Basic earnings per common share	$	0.77		$	0.87		$	2.46		$	2.22
Diluted earnings per common share	$	0.75		$	0.84		$	2.41		$	2.15

(1) Represents the dilutive effect of unvested restricted stock and unexercised stock options.