Earnings per Share

12 Months Ended

Dec. 31, 2016

Loss 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 years ended December 31, 2016, 2015 and 2014:

	Year Ended December 31,
(In thousands, except per share amounts)	2016			2015			2014
NUMERATOR
Net income	$	56,609		$	51,763		$	50,789
Preferred stock dividends	(4,875		)	(4,875		)	(4,875		)
Net income available to common shareholders	51,734			46,888			45,914
Interest on 3.25% convertible senior subordinated notes due 2017	1,520			1,499			1,504
Interest on 3.00% convertible senior subordinated notes due 2018	2,050			2,021			2,030
Diluted income available to common shareholders	$	55,304		$	50,408		$	49,448
DENOMINATOR
Basic weighted average shares outstanding	24,666			24,575			24,463
Effect of dilutive securities:
Stock option awards	216			237			222
Deferred compensation awards	149			150			142
3.25% convertible senior subordinated notes due 2017	2,416			2,416			2,416
3.00% convertible senior subordinated notes due 2018	2,669			2,669			2,669
Diluted weighted average shares outstanding - adjusted for assumed conversions	30,116			30,047			29,912
Earnings per common share
Basic	$	2.10		$	1.91		$	1.88
Diluted	$	1.84		$	1.68		$	1.65
Anti-dilutive equity awards not included in the calculation of diluted earnings per common share	1,273			1,447			1,250

The Company declared and paid a quarterly cash dividend of $609.375 per share on its 2,000 outstanding Series A Preferred Shares in each quarter of 2016, 2015 and 2014, for an aggregate dividend payment of $4.9 million for each of the years ended December 31, 2016, 2015 and 2014.

For the years ended December 31, 2016, 2015 and 2014, the effect of convertible debt was included in the diluted earnings per share calculations.