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Earnings Per Common Share | 9 Months Ended
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Sep. 30, 2016
Earnings Per Share [Abstract] |
Earnings Per Share Text Block | NOTE 17 – EARNINGS (LOSS) PER COMMON SHARE The calculation of earnings (loss) per common share for the quarters and nine-month periods ended September 30, 2016 and 2015 is as follows:
| Quarter Ended September 30, |  | Nine-Month Period Ended September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
| (In thousands, except per share data) |  | (In thousands, except per share data)
Net income (loss) | $ | 15,120 |  | $ | 4,569 |  | $ | 43,630 |  | $ | (1,528)
Less: Dividends on preferred stock |  |  |  |  |  |  |  |  |  |  |
Non-convertible preferred stock (Series A, B, and D) |  | (1,627) |  |  | (1,627) |  |  | (4,883) |  |  | (4,884)
Convertible preferred stock (Series C) |  | (1,838) |  |  | (1,838) |  |  | (5,513) |  |  | (5,512)
Income (loss) available to common shareholders | $ | 11,655 |  | $ | 1,104 |  | $ | 33,234 |  | $ | (11,924)
Effect of assumed conversion of the convertible preferred stock |  | 1,838 |  |  | 1,838 |  |  | 5,513 |  |  | 5,512
Income (loss) available to common shareholders assuming conversion | $ | 13,493 |  | $ | 2,942 |  | $ | 38,747 |  | $ | (6,412)
Weighted average common shares and share equivalents: |  |  |  |  |  |  |  |  |  |  |
Average common shares outstanding |  | 43,926 |  |  | 43,929 |  |  | 43,913 |  |  | 44,353
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |
Average potential common shares-options |  | 47 |  |  | 46 |  |  | 40 |  |  | 85
Average potential common shares-assuming conversion of convertible preferred stock |  | 7,138 |  |  | 7,171 |  |  | 7,138 |  |  | 7,171
Total weighted average common shares outstanding and equivalents |  | 51,111 |  |  | 51,146 |  |  | 51,091 |  |  | 51,609
Earnings (loss) per common share - basic | $ | 0.27 |  | $ | 0.03 |  | $ | 0.76 |  | $ | (0.27)
Earnings (loss) per common share - diluted | $ | 0.26 |  | $ | 0.03 |  | $ | 0.76 |  | $ | (0.27)
In computing diluted earnings (loss) per common share, the 84,000 shares of convertible preferred stock, which remain outstanding at September 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 divide nds declared during the quarters ended September 30, 2016 and 2015 on the convert ible preferred stock were added back as income available to common shareholders. For the quarters ended September 30, 2016 and 2015, weighted-average stock options with an anti-dilutive effect on earnings (loss) per share not included in the calculati on amounted to 927,069 and 973,200, respectively. For the nine-month periods ended September 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 957,670 and 648,563, respectively.

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