Earnings per Share

9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Earnings Per Share

The table below presents a reconciliation between basic and diluted weighted average shares outstanding, net income available to common shareholders and basic and diluted income per share for the three and nine months ended September 30, 2015 and 2014:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In thousands, except per share amounts)	2015			2014			2015			2014
NUMERATOR
Net income	$	15,570		$	13,617		$	38,488		$	39,803
Preferred stock dividends	(1,218		)	(1,218		)	(3,656		)	(3,656		)
Net income to common shareholders	14,352			12,399			34,832			36,147
Interest on 3.25% convertible senior subordinated notes due 2017	372			368			1,117			1,110
Interest on 3.00% convertible senior subordinated notes due 2018	502			496			1,507			1,497
Diluted income available to common shareholders	$	15,226		$	13,263		$	37,456		$	38,754
DENOMINATOR
Basic weighted average shares outstanding	24,605			24,474			24,551			24,454
Effect of dilutive securities:
Stock option awards	244			214			238			223
Deferred compensation awards	133			148			147			138
3.25% convertible senior subordinated notes due 2017	2,416			2,416			2,416			2,416
3.00% convertible senior subordinated notes due 2018	2,669			2,669			2,669			2,669
Diluted weighted average shares outstanding - adjusted for assumed conversions	30,067			29,921			30,021			29,900
Earnings per common share:
Basic	$	0.58		$	0.51		$	1.42		$	1.48
Diluted	$	0.51		$	0.44		$	1.25		$	1.30
Anti-dilutive equity awards not included in the calculation of diluted earnings per common share	1,460			1,286			1,443			1,243

For the three and nine months ended September 30, 2015 and 2014, the effect of convertible debt was included in the diluted earnings per share calculations.