Note 5 - Earnings Per Common Share

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Text Block]

Note 5.    Earnings Per Common Share

We are authorized to issue 500,000,000 shares of common stock, $0.25 par value per share, of which 285,163,224 shares were issued and outstanding at March 31, 2013.

The following table reconciles weighted average common shares used in the computations of basic and diluted earnings per share for the three-month periods ended March 31, 2013 and 2012 (thousands, except per-share amounts):

	Three Months Ended March 31,
	2013			2012
Numerator
Net income	$	11,094		$	12,572
Preferred stock dividends		(138	)		(138	)
Net income applicable to common shares for basic and diluted earnings per share	$	10,956		$	12,434
Denominator
Basic weighted average common shares		285,171			285,292
Dilutive stock options and restricted stock		11,993			11,636
Diluted weighted average common shares		297,164			296,928
Basic earnings per common share
Net income applicable to common shares	$	0.04		$	0.04
Diluted earnings per common share
Net income applicable to common shares	$	0.04		$	0.04

Diluted income per share for the three months ended March 31, 2013 and 2012 excludes the potential effects of outstanding shares of our convertible preferred stock, as their conversion and exercise would have no effect on the calculation of dilutive shares.

Options to purchase 537,005 shares of our common stock were excluded from the computation of diluted earnings per share for the three-month period ended March 31, 2013.  For the three-month period ended March 31, 2012, options to purchase 823,668 shares of our common stock were excluded from the computation of diluted earnings per share.  In each case, the exercise price of the options not included in the computations of diluted earnings per share exceeded the average price of our stock during those periods and therefore would not affect the calculation of earnings per share.