Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER COMMON SHARE

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EARNINGS PER COMMON SHARE
 3 Months Ended
Mar. 31, 2014
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE
NOTE 3 - EARNINGS PER COMMON SHARE
 
Basic earnings per common share are computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per common share include the dilutive effect of additional potential common shares issuable under stock options and warrants.
  
 
 
Three Months Ended March 31,
 
 
 
2014
 
2013
 
 
 
(In Thousands, Except Shares and
Per Share Data)
 
Earnings per common share
 
 
 
 
 
 
 
Weighted average common shares outstanding
 
 
7,399,992
 
 
6,341,605
 
Net income available to common stockholders
 
$
11,656
 
$
9,151
 
Basic earnings per common share
 
$
1.58
 
$
1.44
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding
 
 
7,399,992
 
 
6,341,605
 
Dilutive effects of assumed conversions and exercise of stock options and warrants
 
 
261,898
 
 
734,900
 
Weighted average common and dilutive potential common shares outstanding
 
 
7,661,890
 
 
7,076,505
 
Net income, available to common stockholders
 
$
11,656
 
$
9,151
 
Effect of interest expense on convertible debt, net of tax and discretionary expenditures related to conversion
 
$
-
 
$
132
 
Net income available to common stockholders, adjusted for effect of debt conversion
 
$
11,656
 
$
9,283
 
Diluted earnings per common share
 
$
1.52
 
$
1.31