CALCULATION OF EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

CALCULATION OF EARNINGS PER COMMON SHARE

 CALCULATION OF EARNINGS PER COMMON SHARE

The following tables show the calculation of earnings (loss) per common share (in thousands, except per share data):

	Years Ended December 31
	2014		2013		2012
Net income	$	54,165	$	46,555	$	64,882
Preferred stock dividend accrual	—		—		(4,938		)
Preferred stock discount accretion	—		—		(3,298		)
Gain on repurchase of preferred stock	—		—		2,471
Net income available to common shareholders	$	54,165	$	46,555	$	59,117
Weighted average number of common shares outstanding
Basic	19,359		19,361		18,650
Diluted	19,403		19,397		18,723
Earnings per common share
Basic	$	2.80	$	2.40	$	3.17
Diluted	$	2.79	$	2.40	$	3.16

At December 31, 2014, there were 195,106 issued but unvested restricted stock shares that were included in the computation of diluted earnings per share.

Options to purchase an additional 10,664 shares of common stock and a warrant to purchase up to 243,998 shares of common stock were not included in the computation of diluted earnings per share because their exercise price resulted in them being anti-dilutive.