Note 7 - Earnings Per Share

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 7 – 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)	2014		2013
Basic:
Weighted average common shares outstanding		13,843,190		13,861,584
Net income	$	13,229	$	13,805
Dividends to preferred stockholders		2,168		2,168
Net income available to common stockholders		11,061		11,637
Earnings per common share, basic	$	0.80	$	0.84
Diluted:
Weighted average common shares outstanding		13,843,190		13,861,584
Dilutive effect of stock options		44,457		9,799
Dilutive effect of restricted stock		6,348		7,369
Dilutive effect of contingent issuable stock		276,458		233,000
Assumed average common shares outstanding		14,170,453		14,111,752
Net income available to common stockholders	$	11,061	$	11,637
Earnings per common share, diluted	$	0.78	$	0.82

In the above table, options to purchase 13,300 and 1,048,640 shares of our common stock have been excluded for the three months ended March 31, 2014 and 2013, respectively, due to their anti–dilutive impact. We have also excluded 2,623,109 and 2,623,303 of common shares issuable upon the conversion of preferred stock for the three months ended March 31, 2014 and 2013, respectively, due to their anti-dilutive impact.