EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2014

EARNINGS PER COMMON SHARE [Text Block]

NOTE 18 – EARNINGS PER COMMON SHARE

The calculation of earnings (losses) per common share for the years ended December 31, 2014, 2013, and 2012 are as follows:
		Year Ended December 31,
		2014		2013		2012
		(In thousands, except per share information)
Net income (loss)		$	392,287	$	(164,487)	$	29,782
Favorable impact from issuing common stock in exchange for Series G
Favorable impact from issuing common stock in exchange for
Series A through E preferred stock (1)			1,659		-		-
Net income (loss) attributable to common stockholders			393,946		(164,487)		29,782
Net income (loss) attributable to common stockholders- diluted		$	393,946	$	(164,487)	$	29,782
Weighted Average Shares:
Average common shares outstanding			208,752		205,542		205,366
Average potential dilutive common shares		1,788		-		462
Average common shares outstanding - assuming dilution			210,540		205,542		205,828
Basic earnings (loss) per common share		$	1.89	$	(0.80)	$	0.15
Diluted earnings (loss) per common share		$	1.87	$	(0.80)	$	0.14
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(1)	Excess of carrying amount of the Series A through E preferred stock exchanged over the fair value of new common
	shares issued in 2014.

Earnings (loss) per common share iscomputed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares issued and outstanding. Net income (loss) attributable to common stockholders represents net income (loss) adjusted for any preferred stock dividends, including any dividends declared, and any cumulative dividends related to the current dividend period that have not been declared as of the end of the period. For 2014, net income attributable to common stockholders also includes the one-time effect to retained earnings of the issuance of common stock in exchangefor Series A through E preferred stock. These transactionsare discussed in Note 20 to the consolidated financial statements. Basic weighted average common shares outstanding exclude unvested shares of restricted stock.

Potential common shares consist of common stock issuable under the assumed exercise of stock options, unvested shares of restricted stock, and outstanding warrants using the treasury stock method. This method assumes that the potential common shares are issued and the proceeds from the exercise, in addition to the amount of compensation cost attributable to future services, are used to purchase common stock at the exercise date. The difference between the numbers of potential shares issued and potential shares purchased is added as incremental shares to the actual number of shares outstanding to compute diluted earnings per share. Stock options, unvested shares of restricted stock, and outstanding warrants that result in lower potential shares issued than potential shares purchased under the treasury stock method are not included in the computation of dilutive earnings per share since their inclusion would have an antidilutive effect on earnings per share. Stock options not included in the computation of outstanding shares because they were antidilutive amounted to 82,575; 101,435, and 113,158for the years ended December 31, 2014, 2013, and 2012, respectively. Warrants outstanding to purchase 1,285,899 shares of common stock and1,411,185 unvested shares of restricted stock were excluded from the computation of diluted earnings per share for the year 2013 because the Corporation reported a net loss attributable to common stockholders for the period and their inclusion would have an antidilutive effect.