Earnings Per Common Share

9 Months Ended

Sep. 30, 2015

Earnings Per Common Share

Earnings Per Common Share

Note 8:  Earnings Per Common Share

Earnings per common share, adjusted to reflect the Reverse Stock Split, have been computed as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
	(in thousands, except per share data)
Net income available to common stockholders	$	10,444	$	8,927	$	27,778	$	24,636
Shares:
Weighted average common shares outstanding	28,989		28,973		28,992		28,965
Dilutive effect of outstanding options, warrants and restricted stock units as determined by the application of the treasury stock method	153		140		171		122
Weighted average common shares outstanding, as adjusted for diluted earnings per share calculation	29,142		29,113		29,163		29,087
Basic earnings per common share	$	0.36	$	0.31	$	0.96	$	0.85
Diluted earnings per common share	$	0.36	$	0.31	$	0.95	$	0.85

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 September 30, 2015, 86,568 outstanding options, 191,278 warrants, and 112,433 restricted stock units were anti-dilutive and excluded from the calculation of common stock equivalents.  At September 30, 2014, 152,543 outstanding options, 191,278 warrants, and 117,992 restricted stock units were anti-dilutive and excluded from the calculation of common stock equivalents.