Note 4 - Earnings Per Share

9 Months Ended

Sep. 30, 2016

. 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 September 30,				Nine months ended September 30,
(Dollars in thousands, except share and per share data)	2016		2015		2016		2015
Net income	$	46,090	$	38,483	$	127,084	$	119,663

Weighted-average shares:
Basic weighted-average number of common shares outstanding		78,865,860		81,475,288		79,147,839		80,422,711
Dilutive effect of weighted-average outstanding common share equivalents
Warrants		569,949		606,803		520,686		507,002
Options		95,850		123,910		90,461		124,135
Restricted stock units		165,410		79,477		143,860		51,343
Diluted weighted-average number of common shares outstanding		79,697,069		82,285,478		79,902,846		81,105,191

Average stock options and warrants with anti-dilutive effect		207,183		760,291		247,974		1,082,400
Earnings per common share:
Basic	$	0.58	$	0.47	$	1.61	$	1.49
Diluted	$	0.58	$	0.47	$	1.59	$	1.48