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Note 3 - Earnings Per Share
3 Months Ended
Mar. 31, 2017
Notes to Financial Statements  
Earnings Per Share [Text Block]
3.
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. Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and as such are included in the calculation of earnings per share. 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 and other common stock equivalents 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. The shares held in the Company’s Employee Benefit Trust are not included in shares outstanding for purposes of calculating earnings per common share.
 
Earnings per common share have been computed based on the following:
 
    For the three months ended 
 March 31,
(Dollars in thousands, except per share data)   2017   2016
         
Net income, as reported   $
12,260
    $
9,561
 
Divided by:                
Weighted average common shares outstanding    
29,019
     
29,097
 
Weighted average common stock equivalents    
4
     
14
 
Total weighted average common shares outstanding and common stock equivalents    
29,023
     
29,111
 
                 
Basic earnings per common share   $
0.42
    $
0.33
 
Diluted earnings per common share
(1)
  $
0.42
    $
0.33
 
Dividend payout ratio    
42.9
%    
51.5
%
 
(1)
For the
three
months ended
March
31,
2017
and
2016,
there were
no
stock options that were anti-dilutive.