TCF Bank 2010 Annual Report Download - page 105

Download and view the complete annual report

Please find page 105 of the 2010 TCF Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 130

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130

• 89 •
2010 Form 10-K
The computation of basic and diluted earnings per common share is presented in the following table.
Year Ended December 31,
(In thousands, except per-share data) 2010 2009 2008
Basic Earnings Per Common Share
Net income $ 146,564 $ 87,097 $ 128,958
Preferred stock dividends – 6,378 2,540
Non-cash deemed preferred stock dividend – 12,025 –
Net income available to common stockholders 146,564 68,694 126,418
Earnings allocated to participating securities 729 215 488
Earnings allocated to common stock $ 145,835 $ 68,479 $ 125,930
Weighted-average shares outstanding 139,681,722 127,592,824 125,226,553
Restricted stock (1,065,206) (999,580) (283,880)
Weighted-average common shares outstanding for basic earnings
per common share 138,616,516 126,593,244 124,942,673
Basic earnings per common share $ 1.05 $ .54 $ 1.01
Diluted Earnings Per Common Share
Earnings allocated to common stock $ 145,835 $ 68,479 $ 125,930
Weighted-average number of common shares outstanding adjusted
for effect of dilutive securities:
Weighted-average common shares outstanding used in basic earnings
per common share calculation 138,616,516 126,593,244 124,942,673
Net dilutive effect of:
Non-participating restricted stock 56,844 229 –
Stock options 139,155 167 18,872
Warrants – – –
Weighted-average common shares outstanding for diluted
earnings per common share 138,812,515 126,593,640 124,961,545
Diluted earnings per common share $ 1.05 $ .54 $ 1.01
All shares of restricted stock are deducted from weighted-
average shares outstanding for the computation of basic
earnings per common share. Shares of performance-based
restricted stock are included in the calculation of diluted
earnings per common share, using the treasury stock method,
at the beginning of the quarter in which the performance
goals have been achieved. All other shares of restricted
stock, which vest over specified time periods, stock options
and warrants are included in the calculation of diluted
earnings per common share, using the treasury stock method.
For the years ended December 31, 2010, 2009 and
2008, 4.1 million, 6.5 million and 4.4 million shares were
outstanding, respectively, related to non-participating
restricted stock, stock options, and warrants that were not
included in the computation of diluted earnings per share
because they were anti-dilutive.