Note 12 - Earnings Per Share

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Earnings Per Share [Text Block]

12.

     

EARNINGS PER SHARE

:

Basic earnings per share (“EPS”) were computed by dividing income from continuing operations by the weighted average number of shares of common stock outstanding during the period. Diluted EPS differs from basic EPS due to the assumed conversions of potentially dilutive options and restricted shares that were outstanding during the period.

Each share of Class A Common Stock ranks equal to each share of Class B Common Stock with respect to receipt of any dividends or distributions declared on shares of common stock and the right to receive proceeds on liquidation or dissolution of us after payment of our indebtedness and liquidation preference payments to holders of any preferred shares. However, holders of Class A Common Stock have

1/20th

of

one

vote per share on all matters requiring a shareholder vote, while holders of Class B Common Stock have

one

full vote per share.

The following is a reconciliation of the numerators and the denominators of the basic and diluted per share computations for income from continuing operations (in thousands, except per share amounts):

	2016		2015		2014
Numerator-
Numerator for basic and diluted earnings per share -
Net income available to common shareholders	$	40,582	$	66,053	$	79,957
Denominator-
Denominator for basic earnings per share – weighted average shares		39,938		40,271		39,783
Effect of dilutive securities-
Employee and director stock options and restricted share awards		665		822		1,111
Denominator for diluted earnings per share - adjusted weighted average shares and assumed conversions		40,603		41,093		40,894
Basic earnings per common share	$	1.02	$	1.64	$	2.01
Diluted earnings per common share and common share equivalents	$	1.00	$	1.61	$	1.96

Options to purchase shares of common stock that were outstanding for the years ended

December

 

31,

2016,

2015

and

2014

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):

	2016		2015		2014
Anti-dilutive options – weighted average		2,043		1,186		482