Note 4 - Earnings Per Share

6 Months Ended

Jun. 30, 2016

4. Earnings per Share

Basic earnings per share excludes dilution and is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock and resulted in the issuance of common stock that then shared in earnings. Outstanding stock options with anti-dilutive effect were not included in the computation of diluted earnings per share. The following table sets forth earnings per common share calculations:

	Three months ended June 30,				Six months ended June 30,
(Dollars in thousands, except share and per share data)	2016		2015		2016		2015
Net income	$	34,831	$	45,200	$	80,994	$	81,180

Weighted-average shares:
Basic weighted-average number of common shares outstanding		78,846,237		79,939,197		79,290,378		79,887,699
Dilutive effect of weighted-average outstanding common share equivalents
Warrants		539,201		566,405		495,785		456,274
Options		92,455		139,867		87,737		124,249
Restricted stock units		141,990		53,525		132,966		37,043
Diluted weighted-average number of common shares outstanding		79,619,883		80,698,994		80,006,866		80,505,265

Average stock options and warrants with anti-dilutive effect		177,642		939,615		268,593		1,246,123
Earnings per common share:
Basic	$	0.44	$	0.57	$	1.02	$	1.02
Diluted	$	0.44	$	0.56	$	1.01	$	1.01