Note 4 - Earnings Per Share

9 Months Ended

Sep. 30, 2016

Notes to Financial Statements

Earnings Per Share [Text Block]

4 – Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share information):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Numerator:
Numerator for basic and diluted earnings per share – Net income available to common shareholders	$	14,880	$	19,883	$	28,092	$	56,240
Denominator:
Denominator for basic earnings per share – weighted average shares outstanding		39,617		40,361		40,138		40,235
Effect of dilutive securities–
Employee and director stock options and restricted share awards		657		775		560		830
Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions		40,274		41,136		40,698		41,065
Basic earnings per common share	$	.38	$	.49	$	.70	$	1.40
Diluted earnings per common share and common share equivalents	$	.37	$	.48	$	.69	$	1.37

Options to purchase shares of common stock that were outstanding for the three months and nine months ended September 30, 2016 and 2015 that were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive are as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Anti-dilutive options – weighted average		2,287		1,328		2,444		1,139