Earnings Per Common Share

3 Months Ended

Mar. 31, 2015

Earnings Per Common Share

Earnings Per Common Share

Note 8:  Earnings Per Common Share

Earnings per common share have been computed as follows:

	Three Months Ended March 31,
	2015		2014
	(in thousands, except per share data)
Net income available to common stockholders	$	7,579	$	7,705
Shares:
Weighted average common shares outstanding	86,957		86,866
Dilutive effect of outstanding options, warrants and restricted stock units as determined by the application of the treasury stock method	551		365
Weighted average common shares outstanding, as adjusted for diluted earnings per share calculation	87,508		87,231
Basic earnings per common share	$	0.09	$	0.09
Diluted earnings per common share	$	0.09	$	0.09

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, which include deferred stock units that are vested but not delivered.

Diluted earnings per common share is computed using the treasury stock method and reflects the potential dilution that could occur if the Company’s outstanding stock options were exercised and restricted stock units were vested.  Stock options and restricted stock units for which the exercise or the grant price exceeds the average market price over the period have an anti-dilutive effect and are excluded from the calculation.  At March 31, 2015, 261,306 outstanding options and 573,833 warrants were anti-dilutive and excluded from the calculation of common stock equivalents.  At March 31, 2014, 482,430 outstanding options and 573,833 warrants were anti-dilutive and excluded from the calculation of common stock equivalents.