Note 6 - Earnings Per Common Share

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Earnings Per Share [Text Block]

6.

Earnings p

er Common Share

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

(In thousands, except per share amounts)	20 16		2015		2014
Numerator:
Net income	$	33,464	$	35,745	$	29,834
Denominator:
Basic earnings per common share - weighted-average shares		32,506		33,477		33,381
Effect of dilutive stock options		171		238		297
Diluted earnings per common share - weighted-average shares and assumed conversions		32,677		33,715		33,678
Basic earnings per common share	$	1.03	$	1.07	$	0.89
Diluted earnings per common share	$	1.02	$	1.06	$	0.89

Options totaling

338,900,

325,400

and

176,500

equivalent shares were outstanding but were not included in the calculation of diluted earnings per share for

2016,

2015

and

2014,

respectively, 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 (see Note

11)

totaling

38,497,

69,655

and

39,885

equivalent shares for

2016,

2015

and

2014,

respectively, 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.