Note 9 - Per Share Results

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Text Block]

Note 9 - Per Share Results

Basic and diluted net earnings per common share are computed based on the weighted-average number of shares outstanding during each period. Diluted net earnings per common share reflect the potential dilution that could occur if all dilutive stock options were exercised and all restricted shares were vested.

Basic and diluted net earnings per common share have been computed based upon net income  as presented in the accompanying consolidated statements of income divided by the weighted-average number of common shares outstanding or assumed to be outstanding as summarized below:

	Three Months Ended
	March 31
	2013		2012
Weighted-average number of common shares outstanding		44,010,890		32,075,367
Effect of dilutive stock options and restricted shares		58,163		31
Weighted-average number of common shares and dilutive potential common shares outstanding		44,069,053		32,075,398

There were 33,553 outstanding stock options and 24,610 outstanding dilutive restricted shares for the three months ended March 31, 2013.  For the three months ended March 31, 2012, there were 31 outstanding dilutive stock options, and no outstanding dilutive restricted shares.  There were 3,085,827 and 2,145,189 outstanding stock options that were anti-dilutive for the three-month periods ended March 31, 2013, and 2012, respectively, due to vesting prices exceeding the market price for the period.

There were 693,650 and 568,260 outstanding restricted shares that were anti-dilutive for each of the three-month periods ended March 31, 2013 and March 31, 2012, respectively, due to the vesting price exceeding the average market price for the periods, which were omitted from the calculation.  Of these shares, 568,260 restricted shares had market performance conditions, which will vest one-third each when the Company’s share price achieves, for 30 consecutive trading days, $8.125, $9.10 and $10.40, respectively.