Earnings per Share

9 Months Ended

Sep. 30, 2016

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, 2016 and 2015:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In thousands, except per share amounts)	2016			2015			2016			2015
NUMERATOR
Net income	$	10,942		$	15,570		$	36,047		$	38,488
Preferred stock dividends	(1,218		)	(1,218		)	(3,656		)	(3,656		)
Net income to common shareholders	9,724			14,352			32,391			34,832
Interest on 3.25% convertible senior subordinated notes due 2017	378			372			1,152			1,117
Interest on 3.00% convertible senior subordinated notes due 2018	510			502			1,554			1,507
Diluted income available to common shareholders	$	10,612		$	15,226		$	35,097		$	37,456
DENOMINATOR
Basic weighted average shares outstanding	24,669			24,605			24,665			24,551
Effect of dilutive securities:
Stock option awards	231			244			200			238
Deferred compensation awards	154			133			143			147
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	30,139			30,067			30,093			30,021
Earnings per common share:
Basic	$	0.39		$	0.58		$	1.31		$	1.42
Diluted	$	0.35		$	0.51		$	1.17		$	1.25
Anti-dilutive equity awards not included in the calculation of diluted earnings per common share	896			1,460			1,288			1,443

For the three and nine months ended September 30, 2016 and 2015, the effect of convertible debt was included in the diluted earnings per share calculations.