Earnings Per Common Share

3 Months Ended

Mar. 31, 2013

Earnings Per Common Share

Earnings Per Common Share

Note 6:  Earnings Per Common Share

Net income per common share has been computed as follows:

	Three Months Ended March 31,
	2013		2012
	(in thousands, except per share data)
Net income available to common stockholders	$	5,525	$	6,735
Shares:
Weighted average common shares outstanding	86,703		86,620
Dilutive effect of outstanding options, warrants and restricted stock units as determined by the application of the treasury stock method	8		10
Weighted average common shares outstanding, as adjusted for diluted earnings per share calculation	86,711		86,630
Basic earnings per common share	$	0.06	$	0.08
Diluted earnings per common share	$	0.06	$	0.08

Basic earnings per share are computed by dividing net income available to common stockholders for the period by the weighted average number of common shares outstanding.

Diluted earnings per share are determined by dividing net income available to common stockholders for the period by the weighted average number of shares of common stock and common stock equivalents outstanding. Common stock equivalents assume exercise of stock options, warrants and vesting of restricted stock units and use of proceeds to purchase treasury stock at the average market price for the period.  If the average market price for the period is less than the strike price of a stock option, warrant or grant price of a restricted stock unit, that option/warrant/restricted stock unit is considered anti-dilutive and is excluded from the calculation of common stock equivalents.  At March 31, 2013, 656,279 outstanding options, 573,833 warrants, and 787,842 restricted stock units were anti-dilutive and excluded from the calculation of common stock equivalents.  At March 31, 2012, 804,968 outstanding options, 573,833 warrants, and 535,444 restricted stock units were anti-dilutive and excluded from the calculation of common stock equivalents.