Earnings Per Common Share

6 Months Ended

Jun. 30, 2016

NOTE 17 – EARNINGS (LOSS) PER COMMON SHARE

The calculation of earnings (loss) per common share for the quarters and six-month periods ended June 30, 2016 and 2015 is as follows:

	Quarter Ended June 30,				Six-Month Period Ended June 30,
	2016		2015		2016		2015
	(In thousands, except per share data)				(In thousands, except per share data)
Net income (loss)	$	14,339	$	(3,109)	$	28,510	$	(6,097)
Less: Dividends on preferred stock
Non-convertible preferred stock (Series A, B, and D)		(1,629)		(1,628)		(3,256)		(3,256)
Convertible preferred stock (Series C)		(1,837)		(1,838)		(3,675)		(3,675)
Income (loss) available to common shareholders	$	10,873	$	(6,575)	$	21,579	$	(13,028)
Effect of assumed conversion of the convertible preferred stock		1,837		1,838		3,675		3,675
Income (loss) available to common shareholders assuming conversion	$	12,710	$	(4,737)	$	25,254	$	(9,353)

Weighted average common shares and share equivalents:
Average common shares outstanding		43,914		44,505		43,906		44,569
Effect of dilutive securities:
Average potential common shares-options		43		110		37		148
Average potential common shares-assuming conversion of convertible preferred stock		7,138		7,159		7,138		7,159
Total weighted average common shares outstanding and equivalents		51,095		51,774		51,081		51,876
Earnings (loss) per common share - basic	$	0.25	$	(0.15)	$	0.49	$	(0.29)
Earnings (loss) per common share - diluted	$	0.25	$	(0.15)	$	0.49	$	(0.29)

In computing diluted earnings (loss) per common share, the 84,000 shares of convertible preferred stock, which remain outstanding at June 30, 2016, with a conversion rate, subject to certain conditions, of 86.4225 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 (loss) per common share, the dividends declared during the quarters ended June 30, 2016 and 2015 on the convertible preferred stock were added back as income available to common shareholders.

For the quarters ended June 30, 2016 and 2015, weighted-average stock options with an anti-dilutive effect on earnings (loss) per share not included in the calculation amounted to 957,743 and 566,025, respectively

For the six-month periods ended June 30, 2016 and 2015, weighted-average stock options with an anti-dilutive effect on earnings (loss) per share not included in the calculation amounted to $957,783 and $457,467, respectively.