Note 2 - Earnings Per Common Share

9 Months Ended

Sep. 30, 2015

(2) Earnings per Common Share

Basic and diluted earnings per common share were computed as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share amounts)	2015		2014		2015		2014
Numerator:
Net income	$	8,410	$	7,652	$	26,955	$	20,865
Denominator:
Basic earnings per common share - weighted-average shares		33,622		33,403		33,555		33,371
Effect of dilutive stock options		224		289		261		301
Diluted earnings per common share - weighted-average shares and assumed conversions		33,846		33,692		33,816		33,672

Basic earnings per common share	$	0.25	$	0.23	$	0.80	$	0.63
Diluted earnings per common share	$	0.25	$	0.23	$	0.80	$	0.62

Options totaling 324,600 and 311,200 equivalent shares for the three-month and nine-month periods ended September 30, 2015, respectively, and 171,500 equivalent shares for each of the three-month and nine-month periods ended September 30, 2014, were outstanding but were not included in the calculation of diluted earnings per share because including the options in the denominator would be antidilutive, or decrease the number of weighted-average shares, due to their exercise prices exceeding the average market price of the common shares, or because inclusion of average unrecognized compensation expense in the calculation would cause the options to be antidilutive.

Unvested performance unit awards totaling 67,595 equivalent shares for each of the three-month and nine-month periods ended September 30, 2015, and 39,885 equivalent shares for each of the three-month and nine-month periods ended September 30, 2014, were considered outstanding but were not included in the calculation of diluted earnings per share because inclusion of average unrecognized compensation expense in the calculation would cause the performance units to be antidilutive.