Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER COMMON SHARE

v2.4.0.6
EARNINGS PER COMMON SHARE
 3 Months Ended
Mar. 31, 2012
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, as well as the potential common stock issuable upon possible conversion of the Company’s 6.0% Mandatory Convertible Trust Preferred Securities issued in February 2010.

 

 

    Three Months Ended March 31,  
    2012     2011  
    (In Thousands, Except Shares and
Per Share Data)		  
Earnings per common share                
Weighted average common shares outstanding     5,946,006       5,527,482  
Net income available to common stockholders   $ 8,156     $ 4,871  
Basic earnings per common share   $ 1.37     $ 0.88  
                 
Weighted average common shares outstanding     5,946,006       5,527,482  
Dilutive effects of assumed conversions and exercise of stock options and warrants     967,863       986,621  
Weighted average common and dilutive potential common shares outstanding     6,913,869       6,514,103  
Net income, available to common stockholders   $ 8,156     $ 4,871  
Effect of interest expense on covertible debt, net of tax and discretionary expenditures related to conversion   $ 142     $ 146  
Net income available to common stockholders, adjusted for effect of debt conversion   $ 8,298     $ 5,017  
Diluted earnings per common share   $ 1.20     $ 0.77