Note 6 - Earnings per Share

3 Months Ended

Mar. 31, 2013

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)	2013		2012
Basic:
Weighted average common shares outstanding		13,861,584		13,840,079
Net income	$	13,805	$	12,654
Dividends to preferred stockholders		2,168		2,168
Net income available to common stockholders		11,637		10,486
Earnings per common share, basic	$	0.84	$	0.76
Diluted:
Weighted average common shares outstanding		13,861,584		13,840,079
Dilutive effect of stock options		9,799		9,874
Dilutive effect of restricted stock		7,369		8,178
Dilutive effect of contingent issuable stock		233,000		50,143
Assumed average common shares outstanding		14,111,752		13,908,274
Net income available to common stockholders	$	11,637	$	10,486
Earnings per common share, diluted	$	0.82	$	0.75

In the above table, options to purchase 1,048,640 and 1,330,114 shares of our common stock have been excluded for 2013 and 2012, respectively, due to their anti–dilutive impact.