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Earnings Per Common Share
 9 Months Ended
Sep. 30, 2014
Earnings Per Share [Abstract]  
Earnings Per Share Text Block

NOTE 16 – EARNINGS PER COMMON SHARE

 

The calculation of earnings per common share for the quarters and nine-month periods ended September 30, 2014 and 2013 is as

 Quarter ended September 30 , Nine-Month Period Ended September 30,
 2014 2013 2014 2013
 (In thousands, except per share data)
Net income$ 19,532 $ 19,621 $ 64,588 $ 78,352
Less: Dividends on preferred stock           
Non-convertible preferred stock (Series A, B, and D)  (1,627)   (1,628)   (4,882)   (4,884)
Convertible preferred stock (Series C)  (1,838)   (1,837)   (5,514)   (5,512)
Income available to common shareholders$ 16,067 $ 16,156 $ 54,192 $ 67,956
Effect of assumed conversion of the convertible ' ' preferred stock  1,838   1,837   5,514   5,512
Income available to common shareholders assuming conversion$ 17,905 $ 17,993 $ 59,706 $ 73,468
            
Weighted average common shares and share equivalents:           
Average common shares outstanding   45,055   45,927   45,131   45,717
Effect of dilutive securities:           
Average potential common shares-options   160   257   162   198
Average potential common shares-assuming ' ' conversion of convertible preferred stock  7,147   7,138   7,147   7,138
Total weighted average common shares ' 'outstanding and equivalents  52,362   53,322   52,440   53,053
Earnings per common share - basic$ 0.36 $ 0.35 $ 1.20 $ 1.49
Earnings per common share - diluted$ 0.34 $ 0.34 $ 1.14 $ 1.39

In computing diluted earnings per common share, the 84,000 shares of convertible preferred stock, which remain outstanding at September 30, 2014, with a conversion rate, subject to certain conditions, of 85.2719 shares of common stock per share, were included as average potential common shares from the date they were issued and outstanding. Moreover, in computing diluted earnings per common share, the dividends declared during the quarters ended September 30, 2014 and 2013 on the convertible preferred stock were added back as income available to common shareholders.

 

For the quarters ended September 30, 2014 and 2013, weighted-average stock options with an anti-dilutive effect on earnings per share not included in the calculation amounted to 397,766 and 196,425, respectively. For the nine-month periods ended September 30, 2014 and 2013, weighted-average stock options with an anti-dilutive effect on earnings per share not included in the calculation amounted to 325,994 and 233,775, respectively.