Note 11 - Earnings Per Common Share

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Text Block]

Note 11: 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,
	2013		2012
	(In thousands, except per share data)
Net income applicable to common equity (numerator)	$	17,271	$	21,005
Basic earnings per common share
Weighted average number of common shares outstanding - basic (denominator)		27,145		28,051
Basic earnings per common share	$	0.64	$	0.75
Diluted earnings per common share
Weighted average number of common shares outstanding - basic		27,145		28,051
Add exercise of options reduced by the number of shares that could have been purchased with the proceeds of such exercise		12		60
Weighted average number of common shares outstanding - diluted (denominator)		27,157		28,111
Diluted earnings per common share	$	0.64	$	0.75

For the three months ended March 31, 2013 and 2012, options to purchase 2,317 thousand and 1,998 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.