Note 2 - Earnings Per Common Share

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Earnings Per Share [Text Block]

(2)

 Earnings per Common Share

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

	Three Months
	Ended March 31,
(In thousands, except per share amounts)	2017		2016
Numerator:
Net income	$	8,214	$	8,193
Denominator:
Basic earnings per common share - weighted-average shares		32,655		32,454
Effect of dilutive stock options		188		185
Diluted earnings per common share - weighted-average shares and assumed conversions		32,843		32,639
Basic earnings per common share	$	0.25	$	0.25
Diluted earnings per common share	$	0.25	$	0.25

              Options totaling

229,000

and

330,400

equivalent shares for the

three

-month periods ended

March

31,

2017

and

2016,

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

24,840

and

57,205

equivalent shares for the

three

-month periods ended

March

31,

2017

and

2016,

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.