Note 3 - Earnings Per Share

9 Months Ended

Sep. 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 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 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  September 30,						For the nine months ended  September 30,
	2013			2012			2013			2012
	(In thousands, except per share data)
Net income, as reported	$	9,421		$	9,365		$	25,804		$	25,131
Divided by:
Weighted average common shares outstanding		29,773			30,432			30,143			30,434
Weighted average common stock equivalents		32			30			25			30
Total weighted average common shares outstanding and common stock equivalents		29,805			30,462			30,168			30,464
Basic earnings per common share	$	0.32		$	0.31		$	0.86		$	0.83
Diluted earnings per common share (1)	$	0.32		$	0.31		$	0.86		$	0.82
Dividend payout ratio		40.6	%		41.9	%		45.3	%		47.0	%

(1)   For the three months ended September 30, 2013, options to purchase 111,050 shares at an average exercise price of $19.56 were not included in the computation of diluted earnings per common share as they are anti-dilutive. For the nine months ended September 30, 2013, options to purchase 320,200 shares at an average exercise price of $18.33 were not included in the computation of diluted earnings per common share as they are anti-dilutive. For the three and nine months ended September 30, 2012, options to purchase 557,140 shares at an average exercise price of $17.62 were not included in the computation of diluted earnings per common share as they are anti-dilutive.