Note 2 - Earnings Per Common Share

6 Months Ended

Jun. 30, 2016

(2) Earnings per Common Share

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

	Three Months				Six Months
	Ended June 30,				Ended June 30,
(In thousands, except per share amounts)	2016		2015		2016		2015
Numerator:
Net income	$	8,531	$	8,357	$	16,724	$	18,545
Denominator:
Basic earnings per common share - weighted-average shares		32,441		33,582		32,448		33,521
Effect of dilutive stock options		192		271		186		281
Diluted earnings per common share - weighted-average shares and assumed conversions		32,633		33,853		32,634		33,802

Basic earnings per common share	$	0.26	$	0.25	$	0.52	$	0.55
Diluted earnings per common share	$	0.26	$	0.25	$	0.51	$	0.55

Options totaling 321,200 and 337,400 equivalent shares for the three-month and six-month periods ended June 30, 2016, and 224,000 and 307,000 equivalent shares for three-month and six-month periods ended June 30, 2015, respectively, 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 58,367 equivalent shares for each of the three-month and six-month periods ended June 30, 2016, and 71,751 equivalent shares for each of the three-month and six-month periods ended June 30, 2015, 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.