Note 2 - Earnings per Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Text Block]

Earnings Per Share [Text Block]

Note 2 – Earnings per Share

The following table presents the reconciliation of the numerator and denominator for calculating earnings per share:

	Second Quarter				First Half
(In thousands, except per share data)	2013		2012		2013		2012
Basic EPS:
Net income	$	15,664	$	14,463	$	33,039	$	30,097
Weighted average number of common shares outstanding		84,813		88,600		84,459		89,536
Basic income per common share	$	0.19	$	0.16	$	0.39	$	0.34
Diluted EPS:
Net income	$	15,664	$	14,463	$	33,039	$	30,097
Assumed conversions of Senior Notes		1,279		1,283		2,544		2,539
Adjusted net income	$	16,943	$	15,746	$	35,583	$	32,636
Weighted average number of common shares outstanding-basic		84,813		88,600		84,459		89,536
Add:   Dilutive effect of stock options and restricted stock awards		1,810		457		1,727		561
Dilutive effect of Senior Notes		15,682		15,682		15,682		15,682
Diluted weighted average number of common shares outstanding		102,305		104,739		101,868		105,779
Diluted income per common share	$	0.17	$	0.15	$	0.35	$	0.31
Stock options and restricted stock excluded from calculation of diluted earnings per share because anti-dilutive for the period		377		2,440		240		2,123

Weighted average dilutive stock options and restricted stock outstanding totaled approximately 5.3 million and 2.9 million shares for the second quarter of 2013 and 2012, respectively, and 5.7 million and 2.9 million for the first half of 2013 and 2012, respectively. The resulting net effect of stock options and restricted stock were used in calculating diluted earnings per share for the period.