Note 10 - Earnings Per Common Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Text Block]

Note 10: Earnings Per Common Share

The table below shows earnings per common share and diluted earnings per common share. Basic earnings per common share are computed by dividing net income applicable to common equity by the average number of common shares outstanding during the period. Diluted earnings per common share are computed by dividing net income applicable to common equity by the average number of common shares outstanding during the period plus the impact of common stock equivalents.

	For the Three Months Ended March 31,
	2012		2011
	(In thousands, except per share data)
Net income applicable to common equity (numerator)	$	21,005	$	22,382
Basic earnings per common share
Weighted average number of common shares outstanding - basic    (denominator)		28,051		29,021
Basic earnings per common share	$	0.75	$	0.77
Diluted earnings per common share
Weighted average number of common shares outstanding - basic		28,051		29,021
Add exercise of options reduced by the number of shares that could     have been purchased with the proceeds of such exercise		60		204
Weighted average number of common shares outstanding - diluted     (denominator)		28,111		29,225
Diluted earnings per common share	$	0.75	$	0.77

For the three months ended March 31, 2012 and 2011, options to purchase 1,998 thousand and 1,021 thousand shares of common stock, respectively, were outstanding but not included in the computation of diluted net income per share because the option exercise price exceeded the fair value of the stock such that their inclusion would have had an anti-dilutive effect.