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Note 3 - Earnings Per Share
6 Months Ended
Jun. 30, 2013
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]
3.
Earnings Per Share

Earnings per share is computed in accordance with Accounting Standards Codification (“ASC”) Topic 260 “Earnings Per Share,” which provides that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and as such should be included in the calculation of earnings per share.  Basic earnings per common share is computed by dividing net income available to common shareholders by the total weighted average number of common shares outstanding, which includes unvested participating securities. The Company’s unvested restricted stock and restricted stock unit awards are considered participating securities. Therefore, weighted average common shares outstanding used for computing basic earnings per common share includes common shares outstanding plus unvested restricted stock and restricted stock unit awards. The computation of diluted earnings per share includes the additional dilutive effect of stock options outstanding during the period.  Common stock equivalents that are anti-dilutive are not included in the computation of diluted earnings per common share. The numerator for calculating basic and diluted earnings per common share is net income available to common shareholders.

Earnings per common share has been computed based on the following:

   
For the three months ended
June 30,
   
For the six months ended
June 30,
 
   
2013
   
2012
   
2013
   
2012
 
   
(In thousands, except per share data)
 
Net income, as reported
  $ 9,627     $ 8,637     $ 16,383     $ 15,766  
Divided by:
                               
Weighted average common shares outstanding
    30,213       30,472       30,330       30,434  
Weighted average common stock equivalents
    22       20       27       22  
Total weighted average common shares outstanding and common stock equivalents
    30,235       30,492       30,357       30,456  
                                 
Basic earnings per common share
  $ 0.32     $ 0.28     $ 0.54     $ 0.52  
Diluted earnings per common share (1)
  $ 0.32     $ 0.28     $ 0.54     $ 0.52  
Dividend payout ratio
    40.6 %     46.4 %     48.1 %     50.0 %

(1)
For the three and six months ended June 30, 2013, options to purchase 542,340 shares at an average exercise price of $17.66 were not included in the computation of diluted earnings per common share as they are anti-dilutive. For the three and six months ended June 30, 2012, options to purchase 720,865 shares at an average exercise price of $16.71 were not included in the computation of diluted earnings per common share as they are anti-dilutive.