Earnings per Common Share

9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 4. Earnings per Common Share

Basic earnings per common share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding. Diluted EPS includes any additional common shares as if all potentially dilutive common shares were issued (e.g., stock options). The Company’s weighted average common shares outstanding for diluted EPS include the effect of stock options and restricted stock awards outstanding using the Treasury Stock Method, which are not included in the calculation of basic EPS.

Earnings per common share have been computed as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except per share amounts)	2015			2014			2015			2014
Net income	$	10,842		$	1,766		$	31,743		$	10,542
Less: preferred stock dividends		(28	)		(28	)		(84	)		(84	)
Net income available to common stockholders	$	10,814		$	1,738			31,659			10,458
Basic weighted average common shares outstanding		30,046			29,636			29,786			20,819
Plus: effect of dilutive options and awards		290			472			537			466
Diluted weighted average common shares outstanding		30,336			30,108			30,323			21,285
Earnings per common share:
Basic	$	0.36		$	0.06		$	1.06		$	0.50
Diluted		0.36			0.06			1.04			0.49