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 six months ended June 30, 2017 and 2016:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
(In thousands, except per share amounts)	2017			2016			2017			2016
NUMERATOR
Net income	$	16,989		$	15,916		$	33,872		$	25,105
Preferred stock dividends	(1,219		)	(1,219		)	(2,438		)	(2,438		)
Net income to common shareholders	15,770			14,697			31,434			22,667
Interest on 3.25% convertible senior subordinated notes due 2017	391			390			782			774
Interest on 3.00% convertible senior subordinated notes due 2018	527			526			1,055			1,043
Diluted income available to common shareholders	$	16,688		$	15,613		$	33,271		$	24,484
DENOMINATOR
Basic weighted average shares outstanding	24,990			24,669			24,864			24,663
Effect of dilutive securities:
Stock option awards	335			185			330			177
Deferred compensation awards	209			138			192			130
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	30,619			30,077			30,471			30,055
Earnings per common share:
Basic	$	0.63		$	0.60		$	1.26		$	0.92
Diluted	$	0.55		$	0.52		$	1.09		$	0.81
Anti-dilutive equity awards not included in the calculation of diluted earnings per common share	—			1,261			47			1,301

For the three and six months ended June 30, 2017 and 2016, the effect of convertible debt was included in the diluted earnings per share calculations.