Note 11 - Earnings Per Common Share

9 Months Ended

Sep. 30, 2016

Note 11: Earnings Per Common Share

The table below shows earnings per common share and diluted earnings per common share. Basic earnings per common share are computed by dividing net income by the average number of common shares outstanding during the period. Diluted earnings per common share are computed by dividing net income by the average number of common shares outstanding during the period plus the impact of common stock equivalents.

	For the Three Months				For the Nine Months
	Ended September 30,
	2016		2015		2016		2015
	(In thousands, except per share data)
Net income applicable to common equity (numerator)	$	15,628	$	14,857	$	44,400	$	44,175
Basic earnings per common share
Weighted average number of common shares outstanding - basic (denominator)		25,641		25,530		25,558		25,565
Basic earnings per common share	$	0.61	$	0.58	$	1.74	$	1.73
Diluted earnings per common share
Weighted average number of common shares outstanding - basic		25,641		25,530		25,558		25,565
Add common stock equivalents for options		46		35		37		20
Weighted average number of common shares outstanding - diluted (denominator)		25,687		25,565		25,595		25,585
Diluted earnings per common share	$	0.61	$	0.58	$	1.73	$	1.73

For the three and nine months ended September 30, 2016, options to purchase

771

thousand and

948

thousand shares of common stock, respectively, were outstanding but not included in the computation of diluted net income per share because the option exercise price exceeded the fair value of the stock such that their inclusion would have had an anti-dilutive effect.

For the three and nine months ended September 30, 2015, options to purchase 1,043 thousand and 1,396 thousand shares of common stock, respectively, were outstanding but not included in the computation of diluted net income per share because the option exercise price exceeded the fair value of the stock such that their inclusion would have had an anti-dilutive effect.