Note 6 - Earnings Per Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 6 - Earnings Per Share

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.

	Year Ended December 31,
	2014		2013		2012
	(dollars in thousands, except share and per share amounts)
Basic:
Weighted average common shares outstanding		13,816,095		13,829,626		13,852,709
Net income	$	53,369	$	64,613	$	59,300
Dividends to preferred stockholders		8,670		8,671		8,671
Net income available to common stockholders	$	44,699	$	55,942	$	50,629
Earnings per common share, basic	$	3.24	$	4.05	$	3.65
Diluted:
Weighted average common shares outstanding		13,816,095		13,829,626		13,852,709
Dilutive effect of stock options		73,678		9,091		8,019
Dilutive effect of restricted stock		3,691		4,740		5,526
Dilutive effect of contingent issuable stock		328,669		232,118		109,233
Convertible preferred stock		−		2,623,228		2,623,329
Assumed average common shares outstanding		14,222,133		16,698,803		16,598,816
Net income available to common stockholders	$	44,699	$	55,942	$	50,629
Add dilutive preferred stock dividends for effect of assumed conversion of preferred stock		−		8,671		8,671
Net income for diluted earnings per common share	$	44,699	$	64,613	$	59,300
Earnings per common share, diluted	$	3.14	$	3.87	$	3.57

Excluded in the above table are -0-; 929,000; and 1,068,302 shares associated with stock options for 2014, 2013, and 2012, respectively, due to their antidilutive impact. We have also excluded 2,622,956 of common shares issuable upon the conversation of preferred stock for the year ended December 31, 2014 due to their anti-dilutive impact.