Earnings Per Common Share

9 Months Ended

Sep. 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 September 30,				Nine Months Ended  September 30,
	2013		2012		2013		2012
	(in thousands, except per share data)
Net income available to common stockholders	$	7,024	$	4,000	$	19,081	$	14,715
Shares:
Weighted average common shares outstanding	86,801		86,654		86,745		86,634
Dilutive effect of outstanding options, warrants and restricted stock units as determined by the application of the treasury stock method	275		8		299		9
Weighted average common shares outstanding, as adjusted for diluted earnings per share calculation	87,076		86,662		87,044		86,643
Basic earnings per common share	$	0.08	$	0.05	$	0.22	$	0.17
Diluted earnings per common share	$	0.08	$	0.05	$	0.22	$	0.17

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 or warrant, that option or warrant is considered anti-dilutive and is excluded from the calculation of common stock equivalents.  If the total employee proceeds of a restricted stock unit exceed the average market price for the period, that restricted stock unit is considered anti-dilutive and is excluded from the calculation of common stock equivalents.  At September 30, 2013, 648,529 outstanding options, 573,833 warrants, and 380,252 restricted stock units were anti-dilutive and excluded from the calculation of common stock equivalents.  At September 30, 2012, 804,968 outstanding options, 573,833 warrants, and 752,209 restricted stock units were anti-dilutive and excluded from the calculation of common stock equivalents.