Note 6 - Earnings Per Share

12 Months Ended

Dec. 31, 2015

Notes to Financial Statements

Earnings Per Share [Text Block]

Note

6

- Earnings Per Share

The following table summarizes the earnings and the weighted average number of common shares used in the calculation of basic and diluted earnings per share.

	Year Ended December 31,
	2015		2014		2013
	(dollars in thousands, except share and per share amounts)
Basic:
Weighted average common shares outstanding		13,889,134		13,816,095		13,829,626
Net income	$	53,143	$	53,369	$	64,613
Dividends to preferred stockholders		6,819		8,670		8,671
Net income available to common stockholders	$	46,324	$	44,699	$	55,942
Earnings per common share, basic	$	3.34	$	3.24	$	4.05
Diluted:
Weighted average common shares outstanding		13,889,134		13,816,095		13,829,626
Dilutive effect of stock options		144,793		73,678		9,091
Dilutive effect of restricted stock		1,183		3,691		4,740
Dilutive effect of contingent issuable stock		456,323		328,669		232,118
Convertible preferred stock		-		-		2,623,228
Assumed average common shares outstanding		14,491,433		14,222,133		16,698,803
Net income available to common stockholders	$	46,324	$	44,699	$	55,942
Add dilutive preferred stock dividends for effect of assumed conversion of preferred stock		-		-		8,671
Net income for diluted earnings per common share	$	46,324	$	44,699	$	64,613
Earnings per common share, diluted	$	3.20	$	3.14	$	3.87

For the year ended December 31, 2013, 929,000 shares associated with stock options have been excluded in the table above due to their antidilutive impact.