Note 11 - Earnings Per Common Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Text Block]

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				For the Six Months
	Ended June 30,
	2013		2012		2013		2012
	(In thousands, except per share data)
Net income applicable to common equity (numerator)	$	17,112	$	20,964	$	34,383	$	41,969
Basic earnings per common share
Weighted average number of common shares outstanding - basic (denominator)		26,890		27,744		27,017		27,897
Basic earnings per common share	$	0.64	$	0.76	$	1.27	$	1.50
Diluted earnings per common share
Weighted average number of common shares outstanding - basic		26,890		27,744		27,017		27,897
Add exercise of options reduced by the number of shares that could have been purchased with the proceeds of such exercise		8		46		10		54
Weighted average number of common shares outstanding - diluted (denominator)		26,898		27,790		27,027		27,951
Diluted earnings per common share	$	0.64	$	0.75	$	1.27	$	1.50

For the three and six months ended June 30, 2013, options to purchase 2,264 thousand and 2,290 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.

For the three and six months ended June 30, 2012, options to purchase 2,072 thousand and 2,035 thousand shares of common stock, respectively, were outstanding but not included in the computation of diluted net income per share because their inclusion would have had an anti-dilutive effect.