Note 6 - Earnings Per Share

3 Months Ended

Mar. 31, 2016

Notes to Financial Statements

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)	2016		2015
Basic:
Weighted average common shares outstanding		14,916,905		13,761,561
Net income	$	13,699	$	13,242
Dividends to preferred stockholders		-		2,168
Net income available to common stockholders	$	13,699	$	11,074
Earnings per common share, basic	$	0.92	$	0.80
Diluted:
Weighted average common shares outstanding		14,916,905		13,761,561
Dilutive effect of stock options		24,266		153,557
Dilutive effect of restricted stock		-		4,732
Dilutive effect of contingent issuable stock		194,275		369,950
Assumed average common shares outstanding		15,135,446		14,289,800
Net income available to common stockholders	$	13,699	$	11,074
Earnings per common share, diluted	$	0.91	$	0.77

In the above table, options to purchase 12,239 and 11,623 shares of our common stock have been excluded for the three months ended March 31, 2016 and 2015, respectively, due to their anti–dilutive impact.