Note 6 - Earnings per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Text Block]

Note 6 – Earnings per Share

Basic net income per share is computed based on the weighted average number of common shares outstanding for each period presented.  Diluted net income per share reflects the potential dilution that would have occurred if securities to issue common stock were exercised, converted, or resulted in the issuance of common stock that would have then shared in our earnings.

The following table summarizes the earnings and the weighted average number of common shares used in the calculation of basic and diluted earnings per share.

	Three Months Ended March 31
(in thousands, except for share and per share amounts)	2012		2011
Basic:
Weighted average common shares outstanding		13,840,079		13,680,135
Net income	$	12,676	$	18,724
Dividends to preferred stockholders		2,168		2,168
Net income available to common stockholders	$	10,508	$	16,556
Earnings per common share, basic	$	.76	$	1.21
Diluted:
Weighted average common shares outstanding		13,840,079		13,680,135
Dilutive effect of stock options		9,874		14,559
Dilutive effect of contingent issuable stock		50,143		-
Dilutive effect of restricted stock		8,178		8,769
Convertible preferred stock		-		2,623,773
Assumed average common shares outstanding		13,908,274		16,327,236
Net income available to common stockholders	$	10,508	$	16,556
Add dilutive preferred stock dividends for effect of assumed conversion of preferred stock		-		2,168
Net income for diluted earnings per common share	$	10,508	$	18,724
Earnings per common share, diluted	$	.76	$	1.15

In the above table, options to purchase 1,330,114 and 1,394,251 shares of our common stock have been excluded for 2012 and 2011, respectively, due to their anti-dilutive impact.  We have excluded 2,623,348 of common shares issuable upon the conversion of preferred stock for the three months ended March 31, 2012 due to their anti-dilutive impact.