Note 6 - Earnings Per Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

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)	2015		2014
Basic:
Weighted average common shares outstanding		13,761,561		13,843,190
Net income	$	13,242	$	13,229
Dividends to preferred stockholders		2,168		2,168
Net income available to common stockholders	$	11,074	$	11,061
Earnings per common share, basic	$	0.80	$	0.80
Diluted:
Weighted average common shares outstanding		13,761,561		13,843,190
Dilutive effect of stock options		153,557		44,457
Dilutive effect of restricted stock		4,732		6,348
Dilutive effect of contingent issuable stock		369,950		276,458
Assumed average common shares outstanding		14,289,800		14,170,453
Net income available to common stockholders	$	11,074	$	11,061
Earnings per common share, diluted	$	0.77	$	0.78

In the above table, options to purchase 11,623 and 13,300 shares of our common stock have been excluded for the three months ended March 31, 2015 and 2014, respectively, due to their anti–dilutive impact. We have also excluded 2,622,905 and 2,623,109 of common shares issuable upon the conversion of preferred stock for the three months ended March 31, 2015 and 2014, respectively, due to their anti-dilutive impact.