EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 30, 2016

NOTE 2 – EARNINGS PER COMMON SHARE

	The calculations of earnings per common share for the quarters and nine-month periods ended September 30, 2016 and 2015 are as follows:

		Quarter Ended				Nine-Month Period Ended
		September 30,				September 30,
		2016		2015		2016		2015

(In thousands, except per share information)

Net income		$	24,074	$	14,758	$	69,371	$	6,330
Net income attributable to common stockholders		$	24,074	$	14,758	$	69,371	$	6,330
Weighted-Average Shares:
Average common shares outstanding			212,927		211,820		212,682		211,255
Average potential dilutive common shares			3,651		1,963		2,577		1,341
Average common shares outstanding- assuming dilution			216,578		213,783		215,259		212,596
Earnings per common share:
Basic		$	0.11	$	0.07	$	0.33	$	0.03
Diluted		$	0.11	$	0.07	$	0.32	$	0.03

Earnings per common share is computed by dividing net income attributable to common stockholders by the weighted average number of common shares issued and outstanding. Net income attributable to common stockholders represents net income 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.

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 number of potential shares issued and the 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 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 34,989 and 69,848 as of September 30, 2016 and 2015, respectively.