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Earnings Per Common Share
 6 Months Ended
Jun. 30, 2013
Earnings Per Common Share  
Earnings Per Common Share

Note 6:  Earnings Per Common Share

 

Earnings per common share have been computed as follows:

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
 June 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

 

 

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

Net income available to common stockholders

 

$

6,532

 

$

3,980

 

$

12,057

 

$

10,715

 

Shares:

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

86,730

 

86,628

 

86,717

 

86,624

 

 

 

 

 

 

 

 

 

 

 

Dilutive effect of outstanding options, warrants and restricted stock units as determined by the application of the treasury stock method

 

—

 

9

 

—

 

9

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding, as adjusted for diluted earnings per share calculation

 

86,730

 

86,637

 

86,717

 

86,633

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

$

0.08

 

$

0.05

 

$

0.14

 

$

0.12

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

 

$

0.08

 

$

0.05

 

$

0.14

 

$

0.12

 

 

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 June 30, 2013, 701,029 outstanding options, 573,833 warrants, and 713,450 restricted stock units were anti-dilutive and excluded from the calculation of common stock equivalents.  At June 30, 2012, 804,968 outstanding options, 573,833 warrants, and 547,287 restricted stock units were anti-dilutive and excluded from the calculation of common stock equivalents.