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Earnings Per Common Share
 12 Months Ended
Dec. 31, 2014
Earnings Per Share [Abstract]  
Earnings Per Share Text Block

NOTE 22 – EARNINGS PER COMMON SHARE

 

The calculation of earnings per common share for the years ended December 31, 2014, 2013 and 2012 is as

 Year ended December 31 ,
 2014 2013 2012
 (In thousands, except per share data)
Net income$ 85,181 $ 98,446 $ 24,555
Less: Dividends on preferred stock        
Non-convertible preferred stock (Series A, B, and D)  (6,512)   (6,512)   (6,264)
Convertible preferred stock (Series C)  (7,350)   (7,350)   (3,675)
Income available to common shareholders$ 71,319 $ 84,584 $ 14,616
Effect of assumed conversion of the convertible ' ' preferred stock  7,350   7,350   3,675
Income available to common shareholders assuming conversion$ 78,669 $ 91,934 $ 18,291
         
Weighted average common shares and share equivalents:        
Average common shares outstanding   45,024   45,706   41,626
Effect of dilutive securities:        
Average potential common shares-options   155   189   109
Average potential common shares-assuming ' ' conversion of convertible preferred stock  7,147   7,138   3,569
Total weighted average common shares ' 'outstanding and equivalents  52,326   53,033   45,304
Earnings per common share - basic$ 1.58 $ 1.85 $ 0.35
Earnings per common share - diluted$ 1.50 $ 1.73 $ 0.35

In computing diluted earnings per common share, the 84,000 shares of convertible preferred stock, which remain outstanding at December 31, 2014, with a conversion rate, subject to certain conditions, of 85.5894 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 years ended December 31, 2014, 2013 and 2012 on the convertible preferred stock were added back as income available to common shareholders.

 

For the years ended December 31, 2014, 2013 and 2012, weighted-average stock options with an anti-dilutive effect on earnings per share not included in the calculation amounted to 320,772 and 230,392, and 697,976, respectively.