Note 6 - Earnings Per Share

6 Months Ended

Jun. 30, 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 June 30					Six Months Ended June 30
(in thousands, except for share and per share amounts)	2016		2015			2016		2015
Basic:
Weighted average common shares outstanding		15,266,559		13,772,873			15,091,732		13,767,248
Net income	$	11,866	$	12,358		$	25,565	$	25,600
Dividends to preferred stockholders		–		(2,167	)		–		(4,335	)
Net income available to common stockholders	$	11,866	$	10,191		$	25,565	$	21,265
Earnings per common share, basic	$	0.78	$	0.74		$	1.69	$	1.54
Diluted:
Weighted average common shares outstanding		15,266,559		13,772,873			15,091,732		13,767,248
Dilutive effect of stock options		22,545		158,387			23,406		155,972
Dilutive effect of restricted stock		–		–			–		2,366
Dilutive effect of contingent issuable stock		–		450,486			97,137		410,441
Assumed average common shares outstanding		15,289,104		14,381,746			15,212,275		14,336,027
Net income available to common stockholders	$	11,866	$	10,191		$	25,565	$	21,265
Earnings per common share, diluted	$	0.78	$	0.71		$	1.68	$	1.48

In the above table, options to purchase 12,120 and 11,804 shares of our common stock have been excluded for the quarter ended and six months ended June 30, 2016 and 2015, respectively, due to their anti–dilutive impact.